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TCS settles US lawsuit for $26 mn

In exchange for this payment, the county will now dismiss its lawsuit against Tata, who in turn will dismiss its cross complaint

TCS

Tata Consultancy Services (TCS), the country’s largest information technology (IT) services provider, said it had settled an ongoing lawsuit with Orange County in California, USA. For doing so, it has agreed to pay $26 million (Rs 175 crore). The three -year dispute was over a failed replacement to the County’s automated property tax system, initially to be completed by 2010 but not delivered. After the announcement, TCS’ shares were down by 1.2 per cent and closed at Rs 2,571.90. “Both parties had claims against each other but neither ...