Satyam To Pay $12M To Settle Accounting Fraud Claims

Law360, New York (July 30, 2012, 2:41 PM EDT) -- India-based information technology firm Satyam Computer Services Ltd. has agreed to pay $12 million to settle a class action in New York federal court over an alleged $1 billion accounting fraud that sparked criminal charges, the company announced Saturday.

The settlement, which still needs court approval, resolves claims by Aberdeen Claims Administration Inc., the trustee for 20 Satyam shareholders who allegedly lost more than $68 million after the fraud was revealed in 2009. Some Satyam senior officers and employees were later taken into custody in India...
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