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Cognizant reaches $95 million settlement over bribery allegations (CRN)

September 09, 2021

Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reached a $95 million settlement with a group of investors to resolve a lawsuit accusing the IT services firm of defrauding shareholders, according to a filing with the US Securities and Exchange Commission. The settlement is subject to a judge’s approval. CRN reported the allegations stem from revelations that Cognizant in 2014 authorized a contractor building the company’s new corporate campus in Chennai, India, to pay a bribe of $2 million to senior Indian government officials.