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Satyam Computer Services Ltd Announces Settlement of Aberdeen Claims Filed Against It In London Court


Wednesday, 12 Dec 2012 10:46pm EST 

Satyam Computer Services Ltd announced that it has entered into a confidential Settlement Agreement (the Settlement) settling claims brought in the Commercial Court in London by Aberdeen Global and twenty-two other funds (collectively, the Claimants) managed by Aberdeen Asset Management PLC (Aberdeen) and/or its subsidiaries (the Claims), The Claims included certain allegations of fraudulent misrepresentations said to have been made by the former management of the Company in London and relied upon by the Claimants' investment manager and/ or communicated in meetings alleged to have taken place in London. The Claimants have claimed that they have suffered losses of an estimated sum of USD298,339,978 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 by Company of USD68 million. In July 2012, the Company settled claims by other Aberdeen-affiliated former investors brought in the United States. A class action brought in the United States on behalf of other former investors in the Company was also settled in February 2011.