Satyam Computer settles claims with Aberdeen Global and other funds
13 Dec 2012
Satyam Computer settles claims with Aberdeen Global and other funds
Tech Mahindra owned Satyam Computer Services, has settled claims from Aberdeen Global and 22 funds that had claimed damages according to a PTI report.
In a $68-million settlement, the company fully settled the claims and signed a confidentiality agreement with the claimant, Satyam said in a statement today. The claimants and Aberdeen had sought damages of around $298.3 million in a British court, it said.
Tech Mahindra acquired Satyam in a government- backed auction in 2009, after its former chairman admitted to one of the biggest account frauds in the country.
According to the PTI report, in the process of merging with parent Tech Mahindra, it also settled claims by Aberdeen-affiliated former investors in the US in July and a class-action suit in February 2011.
Among the claims were some pertaining to allegations of fraudulent misrepresentations said to have been made by the former management of Satyam Computer in London. These were relied upon by the claimants' investment manager.
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