Under the proposed terms, Infosys McCamish Systems had agreed to pay $17.5 million into a fund to settle all the pending class action lawsuits related to a cybersecurity incident in 2023, which identified the Infosys subsidiary as the main source.
New Delhi:A US court has given its final approval for the proposed settlement of class action lawsuits against Infosys McCamish, according to a BSE filing by Infosys on Saturday.
Under the proposed terms, Infosys McCamish Systems had agreed to pay $17.5 million into a fund to settle all the pending class action lawsuits related to a cybersecurity incident in 2023, which identified the Infosys subsidiary as the main source.
If the settlement is not appealed within 30 days, “it will become effective and resolve all allegations made in the class action lawsuits without admission of any liability”, Infosys said.
In February 2024, Bank of America named Infosys McCamish Systems as the source of a data breach that it said affected 57,028 customers.As per the notification, the breach occurred on October 29, 2023, and was discovered on October 30 that year.
The Bengaluru-headquartered IT major said the proposed agreement would settle all the pending class action lawsuits and resolve all allegations made in this matter.