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BENGALURU: Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM, has agreed to invest $17.5 million in a settlement fund to resolve pending class-action lawsuits and address allegations stemming from a cybersecurity incident in 2023. According to Infosys, an agreement has been reached with the plaintiffs of these lawsuits pending against IMS and some of its customers.
On March 13, 2025, McCamish and the plaintiffs participated in mediation, resulting in an agreement in principle that outlines the terms of a proposed settlement of class-action lawsuits against McCamish, as well as class-action lawsuits filed against McCamish’s customers. As per the proposed settlement terms, McCamish has agreed to contribute $17.5 million to a fund to settle this matter,” the company stated in a stock exchange filing.
McCamish Systems was affected by a cybersecurity incident in 2023, which led to the unavailability of certain applications and systems. Infosys McCamish is a platform-based BPO firm that provides services to the financial services sector, supporting life insurance and annuity products, as well as retirement plans. It also acts as a software reseller for industry-specific clients. McCamish was acquired by Infosys BPM (formerly Infosys BPO) in 2009.
Last year, several security researchers reported that the LockBit ransomware gang claimed responsibility for the attack. Additionally, one of Infosys’s key customers, Bank of America (BofA), identified IMS as the source of a data breach that affected 57,028 customers.
McCamish conducted an in-depth cyber forensic investigation, which determined that unauthorized activity occurred between October 29, 2023, and November 2, 2023. Infosys reported that the loss incurred due to remediation, restoration, and communication efforts was approximately Rs 250 crore ($30 million).
Infosys stated that the proposed terms are subject to confirmation and due diligence by the plaintiffs, finalization of the settlement agreement terms, and preliminary and final court approval. “Once approved, the settlement will resolve all allegations made in the class-action lawsuits without admission of any liability,” the filing stated.
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