Cognizant settles bribery case for $28 mn; US justice dept charges Coburn

The company, which had made voluntary disclosures about the bribery incident to the US authorities, also said with this resolution, there was no pending investigations against Cognizant

Information technology services major Cognizant on Friday said it had settled a bribery case related to some real estate assets in India by agreeing to pay $28 million to the US Department of Justice and the Securities and Exchange Commission (SEC).
 
In September 2016, the Nasdaq-listed IT firm had first informed the US authorities that it was in violation of the Foreign Corrupt Practices Act due to payments made to the company’s facilities in India. This disclosure had led to the resignation of its then President Gordon Coburn.
 
“We are pleased to reach these resolutions with the US