Ex-Tyco Director Says Salary Not Disclosed
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Tyco International Ltd. gave a board member $30,000 a month that wasn’t disclosed to shareholders, the director testified at the larceny trial of the company’s former top lawyer, Mark Belnick.
The testimony occurred as Belnick’s lawyers tried to undercut the credibility of the director, Joshua M. Berman, by showing that he feared Belnick would uncover the payments and arranged to have him fired.
Berman, a lawyer who served on Tyco’s board for 35 years, told jurors in New York that the $30,000 monthly payments were authorized by L. Dennis Kozlowski, Tyco’s former chief executive, and were not approved by the board or disclosed in filings with the Securities and Exchange Commission.
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