Cognizant to End Bribery Litigation With $95 Million Settlement

Cognizant Technology Solutions Corp. will pay $95 million to resolve securities fraud claims over its alleged scheme to secure construction permits in India through bribery, according to a federal court filing in Newark, N.J.

The pension funds leading the case sought preliminary approval for the settlement from Judge Esther Salas, who’s presiding over the proposed class action on behalf of Cognizant investors in the U.S. District Court for the District of New Jersey.

The agreement—resulting from “vigorous prosecution of this action” and representing “a significant portion” of potential damages—is “an outstanding result for the settlement class,” according to the approval ...