In March this year, Infosys had informed the stock exchanges that Infosys McCamish Systems reached an agreement to settle six class action lawsuits in the United States, in relation to 2023 cyber incident. Under the proposed terms, Infosys McCamish Systems had agreed to pay USD 17.5 million into a fund to settle all the pending class action lawsuits.
New Delhi: Infosys on Friday said its step-down subsidiary Infosys McCamish Systems and the US State of Vermont Department of Financial Regulation have entered into a ‘stipulation and consent order’ to resolve, without a hearing, the matter related to McCamish cyber incident.
Within 30 calendar days of the entry of the Stipulation and Consent Order by the Commissioner, IMS is required to pay an administrative penalty of USD 125,000, the Bengaluru-headquartered IT company said in a BSE filing.
“In continuation to our statement dated March 14, 2025, we would like to update that on July 9, 2025, Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM limited (a wholly owned subsidiary of Infosys limited) and the State of Vermont (United States of America) Department of Financial Regulation (DFR) entered into a Stipulation and Consent Order,” it said.
In simple terms, stipulation and consent order is a legal pact where parties agree to terms and conditions, to resolve or settle a case without more litigation.
Infosys filing further informed that DFR had alleged violations of the Vermont Security Breach Notice Act by IMS. This was on the ground that IMS failed to respond to the DFR’s request for information in the course of the investigation into the cybersecurity event with timely and accurate information and records and failed to provide timely and accurate notice of the cybersecurity event to data owners.
“IMS has entered into the Stipulation and Consent order to resolve the matter without a hearing. The Stipulation and Consent Order specifically records that IMS does not admit the existence of the alleged violations as above,” it said.
In March this year, Infosys had informed the stock exchanges that Infosys McCamish Systems reached an agreement to settle six class action lawsuits in the United States, in relation to 2023 cyber incident. Under the proposed terms, Infosys McCamish Systems had agreed to pay USD 17.5 million into a fund to settle all the pending class action lawsuits.