Satyam investors settle US lawsuit with PwC

NEWYORK: Investors in Satyam Computer Services (SCS) settled a lawsuit against PricewaterhouseCoopers LLP (PwC) for $25.5 million related to its audit of the Indian firm that included a $1-billion overstatement of assets.

Satyam, the software exporter embroiled in India's biggest corporate fraud probe, reached a $125-million settlement in February in the class action suit in New York. Satyam agreed last month to pay $10 million to settle a US Securities and Exchange Commission lawsuit.

PricewaterhouseCoopers and four related entities audited or played a role in the audits of Satyam's financial statements, according to the shareholders' complaint. The settlement, which requires a judge's approval, was disclosed in filings on April 29 in the federal court in Manhattan.

PricewaterhouseCoopers India said in a statement it has reached an agreement to settle the class action arising out of its Satyam audits.