Business Services Industry
Tyco International Executive Responds to Being Named in Shareholder Lawsuit.
Knight Ridder/Tribune Business News, January, 2003
By Brett Arends, Daily Mail, London Knight Ridder/Tribune Business News
Jan. 31--Lord Ashcroft has hit back after being named in a US shareholders" lawsuit over his role at troubled conglomerate Tyco.
A spokesman for the former Tory Party treasurer says: "It's just another class action suit.
"In Britain we imagine that lawsuits mean something, but in America most of the time they don't. Don't take this seriously."
Ashcroft is accused of selling UKpound 69 million of Tyco shares near the peak while possessing "material adverse facts about the company."
In total five directors, including former chief executive Dennis Kozlowski, sold more than UKpound 500 million of shares when times were good.
The shares have...
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