Infosys has agreed in principle to a $17.5m settlement regarding a cyber incident that affected its subsidiary, Infosys McCamish Systems (IMS).
The agreement follows mediation efforts and is set to resolve six class action lawsuits filed in the US. The lawsuits had been filed against IMS and its customers.
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The lawsuits were initiated after a cyber security event reported in November 2023 compromised certain applications and systems.
The proposed settlement will establish a fund to address all claims.
While an agreement has been reached in principle, the settlement remains subject to due diligence, confirmation by plaintiffs, finalisation of terms, and preliminary and final court approvals.
Infosys said that the settlement will resolve all allegations without admitting liability.
During mediation on 13 March 2025, IMS and the plaintiffs reached a consensus to settle the pending lawsuits, which included actions against both IMS and its customers.
Infosys disclosed the cyber security event in November 2023, which led to the non-availability of some applications and systems.
By April 2024, the company, in coordination with eDiscovery, identified that up to 6.5 million individuals’ information was subject to unauthorised access and data exfiltration.
Earlier in March 2025 Infosys expanded its partnership with US-based financial institution Citizens to further AI-enabled banking innovations.
This collaboration leverages Infosys’ expertise in financial services and advanced technologies to facilitate cloud-native platform development and data centre exits for Citizens.
Infosys said that the AI-enabled transformation will support an ecosystem of fintech and hyper-scaler collaborations.
