Computer Sciences Corp. settles securities class action for $97.5 million

Posted on: June 12th, 2013 by Steve Larson

Stocks and sharesComputer Sciences Corp. (CSC) avoided an imminent trial scheduled for May 21 by agreeing to pay $97.5 million to settle a class action lawsuit.  The lawsuit, filed on behalf of investors who acquired Computer Sciences common stock from August 5, 2008, to December 27, 2011 alleged that CSC filed false financial statements with the Securities & Exchange Commission (SEC) and failed to disclose material facts including the company’s performance on a $5.4 billion electronic patient records contract with the U.K.’s National Health Service. 

The proposed settlement is subject to approval by a judge.