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Satyam settles Aberdeen, other claims in fraud

Source : REUTERS
Last Updated: Thu, Dec 13, 2012 08:16 hrs
Employees of Satyam Computer Services Ltd enter their head office in Hyderabad

Satyam Computer Services , the software services firm sold to Tech Mahindra, has settled claims from Aberdeen Global and 22 funds that had claimed damages.

The company has signed a confidentiality agreement with the claimants and paid $68 million to fully settle them, Satyam said in a statement on Thursday. Aberdeen and the funds had sought damages of about $298.3 million in a British court, it said.

Satyam was sold in a government-backed auction in 2009 after its founder and former chairman admitted to one of the country's biggest accounting frauds. The company, in the process of merging with parent Tech Mahindra, had also settled claims by Aberdeen-affiliated former investors in the United States in July, and a class-action suit in February 2011.


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