Global auditors
PricewaterhouseCoopers (PwC) on Monday said it has settled civil suit with US investors in the multi- crore Satyam Computer accounting fraud by its founder B Ramalinga Raju.
"PwC defendant firms have reached an agreement to settle the US civil class action litigation arising out of the audits of Satyam Computer Services Limited. The settlement agreement, if approved, would release all of the named PwC defendants," the firm said in a late night statement.
The PwC statement, however, did not specify the amount it has agreed to pay to settle the suit.
IT company Satyam (now
Mahindra Satyam ), whose shares were listed in the US, was embroiled in accounting fraud of an estimated over Rs 7,000 crore.
The US Securities and Exchange Commission (SEC) had last month sanctioned five India-based affiliates of PricewaterhouseCoopers (PwC) that formerly served as independent auditors of Satyam.
As a result, PwC has agreed to pay a USD 6 million penalty, the largest ever by a foreign-based accounting firm in an SEC enforcement action.
In a related settlement on Monday, Satyam agreed to settle fraud charges, pay a USD 10 million penalty and undertake a series of internal reforms.
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