Infosys reports agreement in principle to settle McCamish class action suits

Infosys (INFY) stated in a notice to the Stock Exchange of India: “In continuation to our statement dated November 3, 2023 and subsequent updates provided in our financial statements in respect of six class action lawsuits that were filed in the United States, we would like to update that Infosys has reached an agreement in principle with the plaintiffs of these lawsuits pending against Infosys McCamish Systems LLC and a few McCamish’s customers. This proposed agreement would settle all the pending class action lawsuits and resolve all allegations made in this matter. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an agreement in principle, which sets forth the terms of a proposed settlement of class action lawsuits against McCamish, as well as class action lawsuits that have been filed against McCamish’s customers. Under the proposed settlement terms, McCamish has agreed to pay $17.5 million into a fund, to settle these matters. The proposed terms are subject to confirmation and due diligence by the plaintiffs, finalization of the terms of the settlement agreement, as well as preliminary and final court approval. Once approved, the settlement will resolve all allegations made in the class action lawsuits without admission of any liability.”