Manhattan DA gives NYC $175 million

February 10, 2009 5:34:47 PM PST
Manhattan District Attorney Robert Morgenthau says he's giving New York City a check for $175 million collected in financial cases. Morgenthau said Tuesday that $109 million comes from fines levied on imprisoned former Tyco International Ltd. CEO L. Dennis Kozlowski and former CFO Mark Swartz. The two were convicted in 2005 of grand larceny and securities fraud.

Morgenthau says $66 million is the city's share of a settlement involving London-based Lloyds Bank TSB. That case involved the transfer of money from Iran and Sudan through New York City.

Mayor Michael Bloomberg says the money will help pay for "vital city services in these tough economic times."

Morgenthau says he hopes the money can offset budget cuts affecting youth, drug treatment and crime prevention programs.


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