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Pensioners Get $100M for HP’s Takeover Flop

     (CN) – A federal judge tentatively approved a $100 million settlement between a Dutch pension fund and Hewlett-Packard over its disastrous $10.3 billion purchase of Autonomy Corp.
     The 2012 class action, led by Dutch pension fund PGGM Vermogensbeheer B.V., claimed Hewlett-Packard misled investors about the value of the tanking British software company. HP ended up taking an $8.8 billion hit on the botched acquisition and blamed former Autonomy executives for misrepresenting its revenue projections two years before the deal.
     The money will go toward compensating people who bought HP stock between Aug. 19, 2011 and Nov. 20, 2012.
     U.S. District Judge Charles Breyer also gave preliminary approval to a separate deal with shareholders in March that promises, among other reforms, a due-diligence policy for future mergers.
     Breyer will hold a fairness hearing on the recent settlement in November.

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