Aug 4 Hewlett-Packard Co said it would
sue former Autonomy Chief Financial Officer Sushovan Hussain
after he sought to block HP's settlement of three shareholder
lawsuits over its troubled purchase of the British software
In the settlement, reached on June 30, shareholders had
agreed to end efforts to force current and former HP officials,
including Chief Executive Officer Meg Whitman, to pay damages to
the Palo Alto, California-based company over its Autonomy
Instead, the shareholders agreed to help HP pursue claims
against former Autonomy officials such as Hussain and former CEO
Michael Lynch, who have denied wrongdoing.
"The notion that (Hussain) should be permitted to intervene
and challenge the substance of a settlement designed to protect
the interests of the company he defrauded is ludicrous," HP said
in a court filing on Monday.
Last month, Hussain said in a court filing that the
"collusive and unfair" settlement, if approved by a federal
judge, would let HP "forever bury from disclosure the real
reason for its 2012 write-down of Autonomy: HP's own destruction
of Autonomy's success after the acquisition."
HP, which bought Autonomy for in 2011 for $11.1 billion only
to write down its value by $8.8 billion a year later, has
accused Autonomy officials of accounting fraud.
The case is In re: Hewlett-Packard Co Shareholder Derivative
Litigation, U.S. District Court, Northern District of
California, No. 12-06003.
(Reporting by Supantha Mukherjee in Bangalore; Editing by