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.