HP Executive Compensation Triggers Class Action Suit

Law360, New York (March 7, 2006, 12:00 AM EST) -- An angry group of union shareholders filed a class action suit Monday against Hewlett-Packard Co. for failing to submit the severance package granted to a former CEO Carleton S. Fiorina for shareholder approval.

The Pension Fund of the Indiana Electrical Workers and Service Employees International Union claimed that Fiorina’s severance package of at least $21 million was big enough that shareholders should have been notified to approve it first.

The union shareholders alleged in the complaint that HP circumvented the shareholders by changing the terms of...
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