CSC Strikes $97.5M Deal In Suit Over Contracting Cover-Up

Law360, Los Angeles (May 15, 2013, 10:16 PM EDT) -- Computer Sciences Corp. has reached a $97.5 million settlement with a class of shareholders alleging CSC's stock price fell due to revelations that it hid accounting irregularities related to a $5.4 billion contract with Britain's National Health Service, according to a Wednesday court filing.

The consolidated class complaint accused CSC of unreasonably overstating earnings projections while covering up problems with the $5.4 billion contract to digitize NHS medical records with software known as "Lorenzo," as well as accounting problems in other countries. The settlement class consists...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

In Re Computer Sciences Corporation Securities Litigation


Case Number

1:11-cv-00610

Court

Virginia Eastern

Nature of Suit

Securities/Commodities

Judge

T. S. Ellis, III

Date Filed

June 3, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.