Coforge said it had received a notice from a North American client claiming the amount would exceed $11 million (Rs 92 crore). In a recent exchange filing, the Indian IT company said the consumer is seeking compensation in the amount of $7,597,780 for an in-principle settlement it has reached with certain arbitration claimants over an alleged matter. Data breach.
The Company informed the National Stock Exchange (NSE) that there is a potential claim of $4,276,800 to settle claims from certain additional claimants with whom the Client has not yet entered into an agreement in principle.

Here’s what Coforge said in its filing

“Pursuant to Regulation 30 disclosure, the Company has notified stock exchanges of compensation notices received by the Company (including its material subsidiary Coforge Inc. (the “Company”) from a client (“Client”) in the North American region. In this regard, please note that the Company has now received a supplementary notice of compensation from the said Client (the “Notice”), the Company said in its exchange filing.
Amount of claims or anticipated financial impact on the company Class Action Suit Already disclosed in Regulation 30, the disclosure remains uncertain at this stage. The company is in discussions with its offshore counsel regarding such indemnification notice,” Koforge said.
It added, that the company intends to reject the client’s demands for settlement of the arbitration claim ‘at this time’ because Coforge says the amounts are not subject to reasonable compensation.
In its exchange filing, the company clarified that, as of now, it is not involved in any litigation or arbitration proceedings, and no proceedings have been initiated against it by any tribunal, court, or agency.