NEW DELHI: Indian IT company Wipro on Saturday mentioned it has settled a lawsuit with National Grid US for $75 million and formalities for withdrawal of the lawsuit are anticipated to be completed in a while.
"Wipro Limited has effected a settlement for the release of all claims under the lawsuit with National Grid US and a stipulation of discontinuance of the lawsuit has been filed in the US District Court for the Eastern District of New York," Wipro nowadays mentioned in a regulatory filing.
National Grid US had sued Wipro in 2017 seeking damages amounting to $140 million plus additional costs associated with an enterprise resource making plans (ERP) implementation challenge.
"The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties," Wipro mentioned.
The formalities for withdrawal of the lawsuit are anticipated to be completed in a while, the IT company mentioned.
"National Grid has been a valued customer of Wipro for over a decade and both organisations have had a mutually beneficial relationship over the years. We believe that this settlement will be commercially beneficial for us and will help us remain focused on growth," the filing mentioned.
The settlement is anticipated to mirror within the financials of Wipro for the quarter ending September 30, 2018, it added.
"Wipro Limited has effected a settlement for the release of all claims under the lawsuit with National Grid US and a stipulation of discontinuance of the lawsuit has been filed in the US District Court for the Eastern District of New York," Wipro nowadays mentioned in a regulatory filing.
National Grid US had sued Wipro in 2017 seeking damages amounting to $140 million plus additional costs associated with an enterprise resource making plans (ERP) implementation challenge.
"The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties," Wipro mentioned.
The formalities for withdrawal of the lawsuit are anticipated to be completed in a while, the IT company mentioned.
"National Grid has been a valued customer of Wipro for over a decade and both organisations have had a mutually beneficial relationship over the years. We believe that this settlement will be commercially beneficial for us and will help us remain focused on growth," the filing mentioned.
The settlement is anticipated to mirror within the financials of Wipro for the quarter ending September 30, 2018, it added.
Wipro pays $75 million to settle lawsuit with National Grid US
![Wipro pays $75 million to settle lawsuit with National Grid US]()
Reviewed by Kailash
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August 04, 2018
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