Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Saturday, June 22, 2024 | Back issues
Courthouse News Service Courthouse News Service

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.

Follow @MariaDinzeo
Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...