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Convicted Ex-CFO Sues Tyco, Saying He's Owed $60M

The former CFO says he's owed retirement and other payments despite illegally taking $150 million in illegal bonuses with the CEO.

NEW YORK (AP) β€” Tyco's imprisoned former finance chief says the company owes him $60 million β€” even though he was convicted of plundering it in one of the corporate world's most notorious fraud cases.

A Tyco International Ltd. spokesman said Monday the company knows of "no basis" for Mark Swartz's claim. He sued Friday in Manhattan.

The former CFO says he's owed retirement and other payments. He says the company knew he was about to be indicted when it approved his last contract in 2002, so he should get paid.

He and former CEO Dennis Kozlowski were convicted in 2005 of awarding themselves as much as $150 million in illegal bonuses. They're serving 8 1/3 to 25 years in prison.

Tyco's own federal lawsuit against Swartz is set for a trial in September.

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