| Sept 25
Sept 25 A federal judge has dismissed a
shareholder lawsuit filed against former Hewlett Packard Co
Chief Executive Mark Hurd and the company's board of
directors that claimed Hurd received an excessive payout when he
abruptly quit two years ago.
U.S. District Judge Edward Davila of San Jose, California,
said the plaintiffs failed to show that the board's approval of
Hurd's separation agreement was not in the company's best
The shareholders, including lead plaintiff Louis Levine, had
alleged that the cash and benefits paid to Hurd as part of the
agreement were excessive and that the company received no
benefit from approving the agreement, the opinion said.
Hurd, now a president of rival Oracle Corp,
resigned in August 2010 following allegations of sexual
harassment by independent HP contractor Jodie Fisher. An
internal HP investigation had cleared Hurd of harassment but
found he had filed inaccurate expense reports.
HP had no comment on the case. An attorney for the
plaintiffs was unavailable for comment.
The judge gave the plaintiffs 30 days to file an amended
complaint. The lawsuit was originally filed in August 2010.
In June, a Delaware state court judge dismissed a similar
suit brought against HP's directors.
The case is In re HP Derivative Litigation, U.S. District
Court for the Northern District of California, No. 10-03608.