Wipro has effected a settlement for the release of all claims under the lawsuit with National Grid US and a Stipulation of Discontinuance of the lawsuit has been filed in the U. S.
District Court for the Eastern District of New York. The formalities for withdrawal of the lawsuit are expected to be completed shortly.
The settlement has been effected for an amount of US$ 75 million and is without admission of liability or wrongdoing of any kind by the parties. The lawsuit was filed by National Grid US in 2017 seeking damages amounting to US$ 140 million plus additional costs related to an ERP implementation project.
The settlement is expected to reflect in the financials of Wipro for the quarter ending 30 September 2018.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)