Satyam Directors Skirt Securities Suit Alleging $1B Fraud

Law360, New York (January 3, 2013, 10:38 PM EST) -- A New York federal judge on Wednesday tossed claims against board members of Indian information technology company Satyam Computer Services Ltd., freeing directors from multidistrict litigation seeking to tie them to a massive accounting fraud investors say overstated the firm's value by more than $1 billion.

The consolidated class action claimed the five members of Satyam's audit committee cost investors billions of dollars by issuing false and misleading statements in reckless disregard of their responsibilities, but U.S. District Judge Barbara S. Jones found the plaintiffs failed...
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