Tyco Investigating Payments by Unit
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Tyco International Ltd. is investigating possible improper payments by a unit from 1999 to 2003, the company said in a regulatory filing.
Tyco is checking whether the unit, which had $24 million in sales last year and is based outside the U.S., correctly accounted for some payments. Results of its investigation have been reported to the Justice Department and the Securities and Exchange Commission. A Tyco spokeswoman declined to identify the unit or the recipient of the payments.
Shares of Bermuda-based Tyco rose 33 cents to $29.25 on the New York Stock Exchange.
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