ERISA Suit Slams HP Stock Offering Following Major Losses

Law360, New York (December 7, 2012, 4:38 PM EST) -- Hewlett-Packard Co. was hit with a putative class action in California federal court in response to major losses related to poor acquisition decisions, including the $8.8 billion it lost through its Autonomy Corp. PLC purchase, by beneficiaries of the company's retirement plan that continued to invest in HP stock.

Lead plaintiff Mike Laffen accuses HP's 401(k) plan committee and investment review committee of failing to look out for the plan participants' best interests by continuing to offer shares in HP on an unrestricted basis, despite knowing...
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