The company's payment includes the broker's settlement payment to Wipro as well as reimbursement of their legal fees.
In a filing with the US Securities and Exchange Commission (SEC), Cognizant said the terms of the agreement, "which was made without acknowledgment of liability by either party, are confidential".
"The agreement resolves all pending disputes between the broker 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 the settlement of Dalal's lawsuit and related arbitration . Brought by his former employer, Wipro Limited,” the SEC filing read.
Wipro sought to obtain damages and injunctive relief arising from "the broker's alleged breach of non-compete and confidentiality obligations under certain compensation agreements with Wipro by joining the Company."
In a filing with the US Securities and Exchange Commission (SEC), Cognizant said the terms of the agreement, "which was made without acknowledgment of liability by either party, are confidential".
"The agreement resolves all pending disputes between the broker 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 the settlement of Dalal's lawsuit and related arbitration . Brought by his former employer, Wipro Limited,” the SEC filing read.
Wipro sought to obtain damages and injunctive relief arising from "the broker's alleged breach of non-compete and confidentiality obligations under certain compensation agreements with Wipro by joining the Company."
