This is further to our disclosures made on 2 May 2023 and 21 April 2022.
In relation to the associated civil class action antitrust lawsuit filed by plaintiffs in a U.S District Court, we wish to inform you that Cyient Limited’s US Subsidiary, Cyient Inc. has entered into an agreement dated20 January 2024 to settle, and dismiss with prejudice, the said civil class action antitrust lawsuit for an amount of US$7.4 million. Cyient Inc. will utilize the insurance amounts available to it towards payment of the aforesaid settlement amount.
The settlement is without admission of any liability and the plaintiffs have agreed to release and discharge all claims associated with this lawsuit against Cyient Inc. and its affiliates. The settlement is subject to approval by the presiding judge and the timing of this process is at the discretion of the court.
May I request the expert tracking this business can throw some light on the above please
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