Indian business leaders who got swept up in the accounting scandal known as “India’s Enron” escaped a U.S. shareholder class action this week, thanks to their lawyers at Weil Gotshal & Manges, Cooley, and Debevoise & Plimpton.
In a 71-page ruling issued on Wednesday, U.S. District Judge Barbara Jones in Manhattan dismissed securities fraud claims against seven outside directors of the Indian outsourcing company Satyam Computer Services Ltd., which collapsed under a massive accounting scandal in 2009. Jones ruled that shareholder plaintiffs failed to show scienter, or intent to defraud, on the part of the directors, among them a former high-ranking Indian government official and a professor at Harvard Business School.
via Former Satyam Directors Dodge Class Action over ‘India’s Enron’ — The Litigation Daily
