Ex-Tyco International Ltd. Chief Executive Officer L. Dennis Kozlowski, jailed for stealing millions of dollars, wants a U.S. court to order the company to pay him tens of millions from his retirement account.Because, you see, in the world of the big players, going to jail from stealing from your company doesn't mean you don't get your golden parachute.
Lawyers for Kozlowski filed court papers in which they claim that Tyco breached its retirement agreement by refusing to pay him the lump sum he has demanded. As of October 2008, the value of Kozlowski’s retirement account was $75.9 million, according to the court papers, which are part of a 2002 lawsuit between Tyco and Kozlowski.
Kozlowski, 63, and former Chief Financial Officer Mark Swartz were convicted in 2005 of securities fraud, grand larceny and falsifying business records. The jury in New York State Supreme Court found they stole about $137 million from Tyco through unauthorized bonuses and the abuse of company loans.
Seriously, can the just have the bailiff beat the snot out of him in open court?
Tyco's defense, that, "A ‘faithless servant’ is not entitled to any compensation," would sound fairly convincing to me, but I am an engineer, not a lawyer, dammit!*
*I LOVE IT when I get to go all Doctor McCoy!!!
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