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Computer Sciences shells out $97.5 million to settle suit

Shareholders claimed the company hid accounting problems

Computer Sciences Corp. has agreed to fork over nearly $100 million to settle a shareholder lawsuit.

The case centers on a complaint shareholders made last year, claiming the information technology company hid a variety of accounting problems. The suit, led by the Ontario Teachers’ Pension Plan Board, said the problems related to a $5.4 billion contract Computer Sciences had with the National Health Service (NHS) in Great Britain. The company took a $1.5 billion write-off related to the NHS contract.

The settlement announcement comes just in time. The case, which sought class action status, was set to go to trial early next week.

A judge still needs to approve the agreement. That preliminary approval has been set for May 24. Read more about this story on Thomson Reuters.

Read more recent InsideCounsel stories about shareholder suits:

HP must face shareholder lawsuit over $16.2 billion market value loss

News Corp. agrees to $139 million shareholder settlement

Supreme Court’s Amgen decision makes it easier for shareholders to bring class actions

Toyota settles suit with shareholders

Pfizer will pay $67.5 million to settle investor lawsuit over Pristiq

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Cathleen Flahardy

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