December 13, 2012 / 4:22 AM / 5 years ago

Satyam settles Aberdeen, other claims in fraud

BANGALORE (Reuters) - Satyam Computer Services (SATY.NS), the software services firm sold to Tech Mahindra(TEML.NS), has settled claims from Aberdeen Global and 22 funds that had claimed damages.

Employees of Satyam Computer Services Ltd., enter their head office in Hyderabad April 13, 2009. REUTERS/Krishnendu Halder/Files

    The company has signed a confidentiality agreement with the claimants and paid $68 million to fully settle them, Satyam said in a statement on Thursday. Aberdeen and the funds had sought damages of about $298.3 million in a British court, it said.

    Satyam was sold in a government-backed auction in 2009 after its founder and former chairman admitted to one of the country’s biggest accounting frauds. The company, in the process of merging with parent Tech Mahindra, had also settled claims by Aberdeen-affiliated former investors in the United States in July, and a class-action suit in February 2011. (Reporting By Harichandan Arakali; Editing by Prateek Chatterjee)

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