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News on Medial
Cognizant bribery trial delayed as key witness unable to appear in court
Economic Times
·
1y ago
Medial
The trial for the bribery case involving two former Cognizant executives has been postponed due to the unavailability of a key witness, Srimanikandan Ramamoorthy, whose passport has been seized by Indian authorities. The US Department of Justice has expressed their inability to predict when Ramamoorthy's passport will be returned, causing further delays in the trial. Ramamoorthy's compliance with the Indian investigation before testifying in the US has complicated the situation. The court will reconvene in 10 days to determine the next trial date.
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Related News
Companies News Today Live Updates on January 30, 2025: Uncertainty over US’s essential witness to testify in the Cognizant L&T bribery
Livemint
·
6m ago
Medial
The live updates on January 30, 2025, cover the latest company news, including financial performances, strategic acquisitions, and market shifts. This includes insights into mergers, acquisitions, financial outcomes, and leadership changes impacting various industries. Additionally, there's uncertainty surrounding a key witness from the US testifying in the Cognizant L&T bribery case, which is gaining attention. Stay updated on these developments for a comprehensive understanding of the business landscape.
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Cognizant defers annual salary hike to August amid low demand, says report
Livemint
·
1y ago
Medial
IT services company Cognizant Technology Solutions has delayed its annual salary increases for this year by four months to August. Typically implemented in April, the company has cited subdued demand for software services and tight client budgets as reasons for the delay. Cognizant assures employees that the salary hikes will be awarded on August 1st to eligible associates. The company reported a 1.7% YoY decline in revenue in Q4 2023 but a 7% YoY increase in profit. For FY24, it expects revenue declines of 2.7% to 1.2% in Q1.
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The ghost of content moderation is back to haunt Cognizant
Livemint
·
1y ago
Medial
Cognizant is facing lawsuits from at least 14 former employees over claims of concealing the mental health harm caused by content moderation work. The employees, who worked on a Facebook contract that ended in 2020, compare the situation to tobacco companies failing to disclose health issues related to cigarettes. The lawsuits seek a jury trial and damages of $75,000 each. The former employees suffered from post-traumatic stress disorder as they were exposed to and had to manually remove violent content. Cognizant has not provided a comment on the matter.
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Jatin Dalal likely to be new Cognizant CFO
Livemint
·
1y ago
Medial
Jatin Dalal, the former chief financial officer (CFO) of Wipro, is expected to join Cognizant Technology Solutions Corp. as their new CFO. Dalal, an old hand at Wipro, joins Cognizant during a period of struggle for the company, which has been trying to keep pace with its peers. His move to Cognizant could be seen as a step-up, as it is a larger firm compared to Wipro. The role of a CFO has become increasingly important in technology services companies, extending beyond financial oversight to include managing operations and playing a key role in major deals.
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Infosys denies stealing Cognizant's trade secrets, asks firm to identify them
Livemint
·
6m ago
Medial
Infosys denies Cognizant's allegations of trade secret theft, arguing the information is publicly accessible. A US court has asked Cognizant to specify its trade secrets clearly. The dispute started in August 2024 when Cognizant claimed Infosys misappropriated its software used in healthcare insurance claims. Infosys counters, citing CEO transitions and anti-competitive practices. The legal tussle casts a shadow on the IT industry, as both companies strive to manage their competitive standings and respective revenues.
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Cognizant says Infy was caught ‘red handed’ stealing TriZetto trade secrets
Livemint
·
5m ago
Medial
Cognizant has accused Infosys of stealing trade secrets from its healthcare software, TriZetto, in an ongoing lawsuit in a Dallas court. Cognizant claims Infosys, accessed sensitive information through non-disclosure agreements but engaged in misconduct by developing a competing product. Infosys denied the allegations and sought to block evidence discovery. Both companies are major competitors in the healthcare services sector. The case highlights tensions between the two IT giants over intellectual property and market competition.
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YouTube channel moves HC over trial court’s gag order on Dharmasthala coverage - The Economic Times
Economic Times
·
16d ago
Medial
A YouTube channel has challenged a trial court's interim order in the Karnataka High Court, which restrains media platforms from publishing defamatory content against the family managing the Sri Manjunathaswamy temple in Dharmasthala. Justice M Nagaprasanna directed the petitioner to approach the jurisdictional court. The trial court order involved blocking 300 media outlets and URL links. The issue relates to reports about alleged burials in the temple town, prompting an investigation by a special team.
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Qualcomm loses court appeal against European Union antitrust penalty in chipset case from 2019
Economic Times
·
10m ago
Medial
Qualcomm has failed to overturn a $269 million fine from the European Union's General Court. The court dismissed most of Qualcomm's appeal against the penalty for alleged predatory pricing tactics in the cellphone chipset market. The European Commission accused the tech company of selling 3G baseband chipsets below production costs to force a competitor out of the market. The court upheld the fine but reduced it to €238.7 million ($269 million). In a separate case, the General Court overturned a $1.23 billion fine against Qualcomm for alleged bribery of Apple in 2022.
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Google's expert in US antitrust trial defends billions paid to device makers
Economic Times
·
1y ago
Medial
In the ongoing antitrust trial, Google's expert witness, Kevin Murphy, argued that the payments made by Google to Apple, wireless carriers, and others are not an abuse of monopoly but rather a result of normal competitive behavior. Murphy claimed that Apple and others leveraged Google and Microsoft against each other to secure large payments. He further stated that these payments often benefit users by leading to cheaper phones or better data plans. The trial focuses on allegations that Google's payments are an abuse of monopoly power.
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Cognizant offering salaries between ₹4-12 lakh to fresher engineers, says EVP Surya Gummadis amid social media backlash
Livemint
·
11m ago
Medial
IT company Cognizant has clarified that its ₹2.52 lakh annual salary offer is for non-engineering degree holders, while fresh engineering graduates can earn salaries ranging from ₹4-12 lakh annually. The company faced online criticism for offering low salary hikes of 1 percent, but this represents the lower end of a 1-5 percent range based on individual performance. Cognizant emphasizes its investment in training and upskilling fresh graduates, with hundreds of non-engineering associates having advanced to key positions within the company. Additionally, Cognizant affirms its commitment to remaining competitive with its compensation strategy.
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