Satyam to fend off US Pension Fund suites
Satyam Computer Services, which is in the news for country’s biggest corporate and family fraud will limit its liability by saying a pension fund cannot join US litigation due the scandel.
Not only US funds, but England, Norwegian and Danish funds are seeking compensation against losses they have made due to the Satyam fraud.
Who ever the buyer of Satyam is, will have also to bear the liability and the number of law suits it brings in.
In all, an estimated loss of close to $100 million will be claimed from the company and the buyer will have to bear atleast 80% from his pocket directly. L&T who has keen interest in buying Satyam Computer Services after the fraud came to light, already owns close to 14% stake in the Company.