Hewlett-Packard Co. confirmed today that it has agreed to a settlement with PGGM Vermogensbeheer B.V., the lead plaintiff in the securities class action arising from the impairment charge taken by HP following its acquisition of Autonomy.
In a statement, HP said it believes the action has no merit, but that settling is in the best interests of HP and its shareholders to avoid further litigation that would be “burdensome and protracted.”
Under the terms of the settlement, HP’s insurance will pay $100 million to a settlement fund to compensate persons who purchased HP shares during the period from August 19, 2011 through November 20, 2012.
HP declined to identify the insurance carriers.
No individual is contributing to the settlement.
HP and its current and former officers, directors, and advisors will be released from any Autonomy-related securities claims as part of the settlement.
The settlement is subject to court approval.
The case is In re HP Securities Litigation, C-12-5980, U.S. District Court for the Northern District of California (San Francisco).
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