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Infosys settles sexual harassment lawsuit
By SiliconIndia | Monday, 12 May 2003, 00:00 Hrs
BANGALORE: Infosys Technologies Limited Monday announced that it has entered into a settlement with Reka Maximovitch in connection with a sexual harassment lawsuit she filed against Phaneesh Murthy, a former member of the Board and the company.
Infosys (NASDAQ: INFY) settled the lawsuit with Maximovitch for US$3 million. Infosys will contribute US$1.5 million and the balance US$1.5 million will be contributed by the insurers under the Company's Directors and Officers Liability Insurance cover.
Under the terms of the settlement, the company retains all rights to proceed with legal action against Phaneesh Murthy.
Commenting on the settlement, N. R. Narayana Murthy, Chairman and Chief Mentor, said, "The litigation with the plaintiff is behind us. We have taken further steps to strengthen our internal processes and improve the checks and balances to handle similar situations."
Nandan M. Nilekani, CEO, President and Managing Director, said, "Our earnings guidance provided on April 10, 2003 for the quarter ending June 30, 2003 and the year ending March 31, 2004 remains unchanged. This settlement does not materially impact the earnings guidance."
Infosys (NASDAQ: INFY) settled the lawsuit with Maximovitch for US$3 million. Infosys will contribute US$1.5 million and the balance US$1.5 million will be contributed by the insurers under the Company's Directors and Officers Liability Insurance cover.
Under the terms of the settlement, the company retains all rights to proceed with legal action against Phaneesh Murthy.
Commenting on the settlement, N. R. Narayana Murthy, Chairman and Chief Mentor, said, "The litigation with the plaintiff is behind us. We have taken further steps to strengthen our internal processes and improve the checks and balances to handle similar situations."
Nandan M. Nilekani, CEO, President and Managing Director, said, "Our earnings guidance provided on April 10, 2003 for the quarter ending June 30, 2003 and the year ending March 31, 2004 remains unchanged. This settlement does not materially impact the earnings guidance."
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