Getting Some Money Back from Tyco Stock

When Tyco stock cratered a little over a decade ago, I was one of many investors who lost a lot of money. Tyco was sued for allegedly overstating their financial results and paid a $50 million settlement. A couple of years ago I was invited to share in the spoils of this settlement.

I had thought that my claims were rejected but was pleased to receive a small cheque in the mail recently. My share of the settlement was only 0.18% of my losses on Tyco stock, but somehow it felt good to get this token amount. At $18 returned for each $10,000 I lost on Tyco stock, this settlement doesn’t make up for much, but it gave me a warm feeling anyway.

I don’t miss my days of poring over company financial statements looking for stocks to buy. I don’t expect to participate in any more investor lawsuits.

Comments

  1. Bet CrooksSeptember 9, 2013 at 10:47 AM

    Ouch. I'm glad you didn't have your life savings in any one stock....especially since it's taken 10 years just to know you're not getting them back.

    ReplyDelete
    Replies
    1. Michael JamesSeptember 9, 2013 at 2:07 PM

      @Bet Crooks: I never expected to get much of my losses back, but I thought I might get more than 0.18%. Oh well.

      Delete
  2. My Own AdvisorSeptember 9, 2013 at 8:21 PM

    Now I understand (more) why you're not a big fan of individual stock ownership. I'd be the same for sure. Nice to read about some small solace from that mess.

    Mark

    ReplyDelete

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