TCS pays $29.75 million to settle class action suit in U.S
BANGALORE (Reuters) - Tata Consultancy Services Ltd.(TCS.NS), India's top software services provider, said it agreed to pay $29.75 million to settle a class-action law suit in the United States, brought by two former non-U.S.-citizen employees.
"The settlement is made without admitting any wrong doing by TCS," the company said in a statement to the National Stock Exchange in Mumbai on Friday. It is subject to court approvals.
The former employees had accused TCS in 2006 of forcing all non-U.S.-citizen workers to sign over their U.S. federal and state tax refund cheques to the company. Tata also deducted their Indian wages from their compensation, the suit alleged.
The case was granted class-action status in April 2012 by California federal judge Claudia Wilken. TCS had denied the allegations.
The case is Vedachalam vs Tata America International Corporation et al, U.S. District Court, Northern District of California (Oakland), No. 06-963.
(Reporting By Harichandan Arakali; Editing by Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
Trending On Reuters
India's state-run banks face major obstacles in their plans to raise as much as $60 billion in new capital over the next few years, with investors sceptical about the prospects for most of them and workers wary of the government's grip loosening. Full Article