Satyam Settles Upaid Patent Spat For $70M

Law360, New York (December 9, 2009, 6:10 PM EST) -- Satyam Computer Services Ltd. has agreed to settle all outstanding litigation with Upaid Systems Ltd. for $70 million, bringing an end to Upaid's claims that the troubled Indian outsourcing giant committed fraud in assigning intellectual property rights it did not own to the U.K.-based mobile payments company.

Satyam's board signed off on the deal Wednesday, though the agreement requires certain government approvals under Indian law, the company said in a U.S. regulatory filing.

The agreement calls for Satyam to pay Upaid $45 million within 10 days...
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