Tyco International Ltd. (NYSE:TYC)
Robbins Umeda LLP represented a class of employees of Tyco International Ltd., the largest electronics security provider in the world, when employees brought claims against the company for violations of the Employee Retirement Income Security Act (ERISA). ERISA sets minimum standards for the protection of individuals who have private industry pension and health plans.
In the ERISA litigation, employees alleged that company management encouraged them to invest their retirement savings in Tyco common stock despite their knowledge of the company’s deteriorating financial condition. When the truth about Tyco's financial condition and egregious accounting manipulations was revealed, the price of Tyco common stock plummeted, and the employees who had enrolled in Tyco's defined contribution retirement plans suffered significant losses. After years of hard fought litigation, Robbins Umeda LLP helped to achieve a $70 million settlement for the beneficiaries of Tyco's defined contribution retirement plan.
Overby v. Tyco International Ltd., No. 02-CV-1357-B (D.N.H. Nov. 23, 2009).
