Mahindra Satyam has entered into a confidential settlement agreement settling claims brought in the commercial court in London by Aberdeen Global and twenty-two other funds (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 USD $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 a payment by company of $68 million.
Earlier, 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.