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Last updateTue, 17 Mar 2015 2pm

Mahindra Satyam settles misrepresentation claims in London

Indian IT firm Mahindra Satyam has agreed to settle claims amounting to $68 million for alleged misrepresentations made by a London-based international asset management company.  

The claims were made at London's Commercial Court by 22 subsidiary funds managed by Aberdeen Asset management.

“The claimants have claimed that they have suffered losses of an estimated sum of $298,339,978 and additional consequential losses. By virtue of the settlement, the claims have been fully and finally disposed of on the basis of, inter alia, a payment of $ 68 million,” Mahindra Satyam said in a filing at the court.

In July 2012, Mahindra Satyam settled claims by other Aberdeen-affiliated former investors brought in the US for $ 12 million, it said.

A class action brought in the US on behalf of other former investors in the company was also settled in February, 2011, it added.

Tech Mahindra took over the reins of the scam-hit Satyam Computer Services in April, 2009, and rebranded it as Mahindra Satyam.

Last year, the IT company had settled out of court a class action suit slapped by US-based investors of the company’s ADS issue for $125 million, and in April 2011 it settled its litigation with the US Securities and Exchange Commission for $ 10 million.

In December 2009, Satyam had entered into a settlement with UK-based mobile payment solutions provider Upaid Systems for $ 70 million.

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