Satyam Computer Services, rechristened Mahindra Satyam, has informed the Bombay Stock Exchange that the

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class action settlement agreement that it had entered into between with Lead Plaintiffs in February this year has been granted final approval by the US district court for the southern district of New York.

“There is an option for either parties to appeal within 30 days. We see this as a positive development,” a company official said.

In exchange of the settlement consideration, lead plaintiffs and members of the class who do not opt out of the class, would release, among other things, their claims against the company, Mahindra Satyam said in the filing to BSE.

After erstwhile chairman B Ramanlinga Raju’s confession about inflating Satyam’s balance sheet figures, a nu-mber of people claiming to have purchased the company’s securities filed class action lawsuits against the company, its former auditors and others in various courts in the US, alleging violations of the US Federal Securities Laws. The lawsuits were consolidated into a single action (Class Action) in the US district court for the sourthern district of New York. The Class Action complaint sought monetary damages to compensate the class members for their alleged losses arising out of their investment in the company’s common stock and ADS during the class period.