Friday, February 15, 2013

US COURT REJECTS CLAIMS AGAINST SATYAM EX-DIRECTORS

A US court has dismissed claims made in a class action lawsuit against seven former directors of Indian IT firm Satyam Computers saying the directors were themselves "victims of the fraud" and the shareholder suit fails to adequately prove allegations of fraud and negligence against them. Jones ruled that in order to establish motive and opportunity, the plaintiffs must allege that the Satyam directors named in the lawsuit "benefitted in some concrete and personal way from the purported fraud".

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