Palm Agrees To Settle Shareholder Suit Over HP Deal

Law360, New York (June 9, 2010, 7:40 PM EDT) -- Smartphone maker Palm Inc. said Wednesday that it has tentatively settled a proposed shareholder class action alleging its directors failed to maximize shareholder value in the company's planned $1.2 billion takeover by Hewlett-Packard Co.

Palm said it has reached a memorandum of understanding with a plaintiff who filed suit May 5 in the Delaware Chancery Court accusing Palm's directors of breaching their fiduciary duty and omitting material information from the proxy statement.

The company said the parties have agreed to terms including dismissing all claims against...
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