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
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history. Full Article | Related Story