Judge Tosses Class Action Against HP Directors

Law360, New York (April 3, 2008, 12:00 AM EDT) -- A federal judge has again quashed a proposed class action brought by a group of Hewlett-Packard Co. pension fund investors that alleges the board's $21 million "hush money" payout to former CEO Carleton S. Fiorina violated company policies and fiduciary duty.

Judge Ronald M. Whyte of the U.S. District Court for the Northern District of California dismissed the second amended complaint on March 28, dealing a major blow to the pension fund investors who accused HP's board of directors of illegally providing Fiorina with an excessive...
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