Tyco International Ltd. will pay $50 million to settle allegations by the Securities and Exchange Commission that the company inflated its earnings by more than $1 billion between 1996 and 2002.

The improper accounting occurred during the tenure of infamous former chief executive Dennis Kozlowski, who is serving jail time for looting Tyco's Bermuda-based conglomerate. Kozlowski was removed from the company in June 2002.

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