INSUBCONTINENT EXCLUSIVE:
Cognizant Technology Solutions Corp has reached a $95 million settlement to resolve a lawsuit accusing the information technology services
company of defrauding shareholders by concealing bribes to officials in India.A preliminary settlement of the proposed class action was
filed on Tuesday with the federal court in Newark, New Jersey, and requires a judge's approval.Shareholders accused Cognizant of failing
to disclose payments made to obtain permits for facilities in "special economic zones," including its Indian headquarters in Chennai, where
30, 2016, after the Teaneck, New Jersey-based company said it was looking into bribery allegations, and whether there were violations of the
federal Foreign Corrupt Practices Act.The defendants, including former president Gordon Coburn and former chief legal officer Steven
Schwartz, denied wrongdoing in agreeing to settle
Cognizant said it expected insurers to cover a substantial majority of the settlement payment.In February 2019, Cognizant agreed to pay $25
million to settle a related United States Securities and Exchange Commission civil probe.United States prosecutors also charged Coburn and
Schwartz that month with FCPA and other violations
Those criminal cases remain pending.Lawyers for Coburn and Schwartz did not immediately respond on Wednesday to requests for comment.
