New York Must Pay Tyco $25M Under Statewide Network Settlement (1/23/12)
Monday, January 23, 2012 | Comments

The state of New York must pay back $25 million to Tyco Electronics under a recent settlement of a lawsuit surrounding a $2 billion statewide public-safety communications network contract that the state cancelled in 2009.

As part of the contract award, Tyco was required to furnish the state with an irrevocable standby letter of credit (SLOC) for $50 million. When the state terminated the contract, it presented a demand notice for the payment of a $50 million SLOC to the state. New York now must return half of that payment.

Harris bought M/A-COM, Tyco’s two-way radio division, for $675 million three months after the contract was cancelled. The acquisition excluded the New York transaction and ongoing lawsuit.

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