Satyam has finally reached a settlement with the lead Plaintiffs in the alleged Class action filed against the Company (Satyam) in the United States District Court, Southern District Court of New York..Satyam has finally reached a settlement with the lead Plaintiffs in the alleged Class action filed against the Company (Satyam) in the United States District Court, Southern District Court of New York..Satyam was sued by a group of investors in a Class action, for damages against the company (Satyam) after the Founder-Chairman Ramalinga Raju in January 2009 confessed to fraud, using a fictitious cash balance of more than $1 billion..Satyam has agreed to pay to the Class action members $125 million (Rs. 560 crore), subject to the approval of the Reserve Bank of India and the determination of the Authority for Advance Ruling. The settlement also avails the Class action members a 25 percent recovery. Satyam may recover in the future, in an action against any of the PwC related entities that helped Satyam Computer Founder-Chairman Ramalinga Raju and his brother perpetrate the fraud. The settlement amount includes taxes, compliance costs, attorney’s fees and expenses, reports the media..Satyam, now Mahindra Satyam (the Government of India intervened, and expedited the sale of Satyam Computers to Tech Mahindra in April 2009) was advised by Jones Day with a team led by Partner Jayant Tambe, a securities litigation expert..In India, Satyam was advised by Hyderabad based counsel, Vivek Reddy..The Plaintiffs were represented by Keith Fleischman, Director of Grant & Eisenhofer. (Bar & Bench has spoken with both, Jayant from Jones Day and Keith from Grant & Eisenhofer on Satyam previously.).Class action lawyers in the United States earn anything between 10 to 30 percent of the total settlement value. In this case reports indicate that Plaintiffs lawyers Grant & Eisenhofer may have earned themselves anywhere between 25 to 30 percent of the total settlement value of $125 million.
Satyam has finally reached a settlement with the lead Plaintiffs in the alleged Class action filed against the Company (Satyam) in the United States District Court, Southern District Court of New York..Satyam has finally reached a settlement with the lead Plaintiffs in the alleged Class action filed against the Company (Satyam) in the United States District Court, Southern District Court of New York..Satyam was sued by a group of investors in a Class action, for damages against the company (Satyam) after the Founder-Chairman Ramalinga Raju in January 2009 confessed to fraud, using a fictitious cash balance of more than $1 billion..Satyam has agreed to pay to the Class action members $125 million (Rs. 560 crore), subject to the approval of the Reserve Bank of India and the determination of the Authority for Advance Ruling. The settlement also avails the Class action members a 25 percent recovery. Satyam may recover in the future, in an action against any of the PwC related entities that helped Satyam Computer Founder-Chairman Ramalinga Raju and his brother perpetrate the fraud. The settlement amount includes taxes, compliance costs, attorney’s fees and expenses, reports the media..Satyam, now Mahindra Satyam (the Government of India intervened, and expedited the sale of Satyam Computers to Tech Mahindra in April 2009) was advised by Jones Day with a team led by Partner Jayant Tambe, a securities litigation expert..In India, Satyam was advised by Hyderabad based counsel, Vivek Reddy..The Plaintiffs were represented by Keith Fleischman, Director of Grant & Eisenhofer. (Bar & Bench has spoken with both, Jayant from Jones Day and Keith from Grant & Eisenhofer on Satyam previously.).Class action lawyers in the United States earn anything between 10 to 30 percent of the total settlement value. In this case reports indicate that Plaintiffs lawyers Grant & Eisenhofer may have earned themselves anywhere between 25 to 30 percent of the total settlement value of $125 million.