In the case known as "India's Enron," the Firm obtained more than $150 million in collective settlements, which includes $25.5 million settlement with the company's auditor.
The Honorable Barbara S. Jones of the United States District Court for the Southern District of New York granted final approval to two settlements in this proposed class action, In re Satyam Computer Services Ltd. Sec. Litig., No. 09-MD-2027-BSJ. On September 13, 2011, the court finally approved a settlement with Satyam Computer Services Ltd. (Satyam) in the amount of $125 million in cash, with the possibility of an additional recovery in the future. On September 13, 2011, the court also finally approved a settlement with Price Waterhouse (Bangalore), PricewaterhouseCoopers Private Limited, Lovelock & Lewes, PricewaterhouseCoopers International Limited, and PricewaterhouseCoopers LLP (the PwC Entities) in the amount of $25.5 million in cash.
Labaton Keller Sucharow is court-appointed co-lead counsel for lead plaintiffs the Public Employees' Retirement System of Mississippi, Mineworkers' Pension Scheme, SKAGEN AS, and Sampension KP Livsforsikring A/S and the class.
The class alleges that Satyam, related entities, its auditors and certain directors and officers made materially false or misleading statements to the investing public in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, which had the effect of artificially inflating the price of Satyam securities.
Settlement Hearing
A settlement hearing was held on September 8, 2011, at 3:00 p.m. before Judge Barbara S. Jones in Courtroom 17C of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007-1312. The deadline for objecting to the settlements or for seeking exclusion from the class for all purposes has passed.
