New Delhi– IT major Cognizant on Tuesday said its Chief Financial Officer Jatin Dalal reached a settlement in a lawsuit filed by his former employer giant Wipro, with Cognizant ended up paying $505,087 to Dalal to settle the lawsuit.
The company’s payment covers Dalal’s settlement payment to Wipro as well as reimbursement of his legal fees.
In a filing with the US Securities and Exchange Commission (SEC), Cognizant said that the terms of the settlement, “which was reached without any admission of liability by either party, are confidential”.
“The settlement resolves all pending disputes between Dalal and Wipro,” the Teaneck-based company said in a filing.
“On July 2, 2024, the Compensation and Human Capital Committee of the Board of Directors of Cognizant Technology Solutions Corporation approved the company’s payment of $505,087 to Jatin Dalal, the company’s Chief Financial Officer, in connection with Dalal’s settlement of the lawsuit and related arbitration brought by his former employer, Wipro Limited,” the SEC filing read.
Wipro sought to obtain damages and injunctive relief arising out of “Dalal’s purported breach of non-compete and confidentiality obligations under certain of Dalal’s compensation agreements with Wipro by joining the company.” (IANS)
