Risk Management

Court to Hear New Tyco Appeals

For Kozlowski and Swartz, a tiny speck of light appears down a long, long tunnel.
Stephen TaubFebruary 29, 2008

New York State’s top court has agreed to hear new appeals by former Tyco International executives Dennis Kozlowski and Mark Swartz, Reuters reports, citing a court official.

A new court date has not yet been set, according to the wire service. Kozlowski and Swartz are serving long prison terms for stealing more than $150 million from the conglomerate.

The state’s Supreme Court denied appeals by the pair last November and refused to cut their sentences. Now they are back on new grounds.

“We believe that there are significant issues,” Stephen Kaufman, a lawyer for Kozlowski, told Reuters. Swartz’s lawyer, Nathaniel Marmur, said he will continue to fight the case until the former CFO has been vindicated. “We firmly believe in Mr. Swartz’s innocence,” he added.

In June 2005, Swartz and Kozlowski, the former chief executive, were each found guilty of 22 counts of grand larceny, conspiracy, fraud, and falsifying business records. They are both serving prison sentences of 8 1/3 years to 25 years.