9th Circ. Affirms Toss Of HP CEO Compensation Suit

Law360, New York (November 3, 2009, 7:30 PM EST) -- A group of Hewlett-Packard Co. pension fund investors who claimed the company's board of directors erred in handing former CEO Carly Fiorina a severance package worth more than $21 million lost an appeal of the dismissal of the suit on Tuesday.

In an unpublished opinion the U.S. Court of Appeals for the Ninth Circuit found that the pension fund plaintiffs had not demonstrated that the board's decision to approve the exit package went against company policy and failed to allege demand futility.

The decision affirms a...
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