Infosys settles sexual harassment suit against Phaneesh Murthy
By Says Infosys chairman an | 12 May 2003
Infosys settled the lawsuit with Maximovitch for $3 million. Infosys will contribute $1.5 million and the balance $1.5 million will be contributed by the insurers under the company's directors and officers' liability insurance cover.
Under the terms of the settlement, the company retains all rights to proceed with legal action against Murthy.
Says Infosys chairman and chief mentor N R Narayana Murthy: "The litigation with the plaintiff is behind us. We have taken further steps to strengthen our internal processes and improve the checks and balances to handle similar situations."
Adds Infosys CEO, president and managing director Nandan M Nilekani: "Our earnings guidance provided on 10 April 2003 for the quarter ending 30 June 2003 and the year ending 31 March 2004 remains unchanged. This settlement does not materially impact the earnings guidance."
