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Saturday, June 22, 2024 | Back issues
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Lawyers Hit Pay Dirt|in HP Investor Action

SAN FRANCISCO (CN) - A federal judge gave final approval to a $100 million settlement between a Dutch pension fund and Hewlett-Packard over HP's disastrous $10.3 billion acquisition of Autonomy Corp.

U.S. District Judge Charles Breyer also awarded lead class attorneys roughly $1 million in fees.

The 2012 class action, led by Dutch pension fund PGGM Vermogensbeheer, claimed Hewlett-Packard misled investors about the value of the tanking Autonomy, British software company. HP ended up taking an $8.8 billion hit on the botched acquisition and blamed former Autonomy executives for misrepresenting revenue projections two years before the deal.

In his order, Breyer said without the settlement brokered by lead counsel Kessler Topaz Meltzer & Check of San Francisco, "there would remain a significant risk" that the class would have gotten less or nothing from HP.

The $100 million settlement will go toward compensating people who bought HP stock between Aug. 19, 2011 and Nov. 20, 2012.

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