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Cognizant paying $505,087 in Wipro complaint over CFO hiring

Cognizant paying $505,087 in Wipro complaint over CFO hiring

July 9, 2024

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Cognizant Technology Solutions (NASDAQ: CTSH) is paying $505,087 over the hiring of its new CFO Jatin Dalal because of a lawsuit by Wipro (NYSE: WIT).

Cognizant announced in September 2023 that it was hiring Dalal, who had served as CFO at Wipro since April 2015. In a lawsuit, Wipro claimed the hiring of Dalal represented a breach of noncompete and confidentiality obligations, according to the filing.

“The settlement was reached without admission of liability by either party,” according to Cognizant’s regulatory filing. “The company’s payment covers Mr. Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees.”

When contacted, Wipro said it would not have further comment than what has already been released.

In January, it was reported that Wipro’s lawsuit had been sent to arbitration.

Cognizant hired Dalal to replace Jan Siegmund, who was stepping down to retire.