One of the largest multinational technology companies Infosys announced on Friday that it has reached a preliminary agreement with the plaintiffs in six class action lawsuits against Infosys McCamish Systems (McCamish) and some of its customers over a cyber incident. The IT giant stated that its board has approved a USD 17.5 million settlement to resolve the matter. The company stated that this deal would settle all the pending action lawsuit solving all the allegations. Once approved the settlement will resolve all allegations made in the class action lawsuits without admission of any liability the company said in a statement. The company stated that McCamish and the plaintiffs participated in mediation on March 13 leading to a preliminary agreement. The lawsuits stemmed from a cyber incident in November 2023 which caused disruptions for the company’s subsidiary Infosys McCamish Systems (IMS). This resulted in the unavailability of certain applications and systems. In its stock exchange filing the firm stated that it was working with a prominent cybersecurity products provider in order to resolve the issue ASAP. It added that it has also initiated independent probe to know the potential impact on systems and data. Data protection and cybersecurity are of utmost importance to us Infosys had said then in a regulatory filing.