Cognizant Technology Solutions Corp. reached a USD 95 million settlement resolving a lawsuit brought by shareholders, according to a filing with the US Securities and Exchange Commission.

Reuters reported the suit accused Cognizant of defrauding shareholders by concealing bribes to officials in India. Meanwhile, 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 USD 2 million to senior Indian government officials.

In its SEC filing, Cognizant denied the claims.

“The company and the other defendants are entering into the settlement agreement to eliminate the uncertainty, burden, and expense of further protracted litigation,” according to the filing. “The company and the other defendants expressly deny that the plaintiffs in the securities class action have asserted any valid claims as to any of them.”