Satyam, PwC Units To Settle Fraud Claims For $17.5M

Law360, New York (April 5, 2011, 5:13 PM EDT) -- Satyam Computer Services Ltd. and five PricewaterhouseCoopers International Ltd. affiliates agreed Tuesday to pay $17.5 million to settle claims brought by the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board over an alleged $1 billion accounting fraud.

To settle the SEC's suit, filed in the U.S. District Court for the District of Columbia, Satyam agreed to pay a $10 million penalty, require its officers and employees to undergo training on securities laws and accounting principles, amp up its internal audit functions, and...
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