Judge awards ex-Tyco executive severance pay

[Joanne98]

Source: WP

NEW YORK (Reuters) - A U.S. judge said on Thursday that Tyco International (TYC.N) owed severance pay and interest of about $1.2 million to a former senior executive accused of participating in an accounting scandal at the diversified manufacturer.

Richard Power, a former vice president and division chief financial officer, sued the company for breach of contract and about $9 million in severance pay in 2002.

Power, who reported to now-jailed chief executive Dennis Kozlowski, claimed that in a phone conversation, the two agreed, in the event of his termination, Power would receive severance pay equal to the greater of $1.5 million or twice his salary and bonus in his last year of employment.

Power was fired by Tyco's new management in 2002.


Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/05/31/AR2007053101864.html

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THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME!

[provis99]

1. just as lonog as the judge fines him $3 million in return

after his own trial.