Suit Filed Against HP's Board Of Directors Over Former CEO Mark Hurd's Resignation

A lawsuit has been filed against the HP board of directors on behalf of an HP shareholder. The suit is alleging that the directors "violated their fiduciary duties in connection with the events surrounding the resignation" of former CEO Mark Hurd:

Among other things, the 45-page suit alleges that H-P's board violated its corporate-governance guidelines by failing to inform shareholders of the investigation. It also attacks details of Mr. Hurd's exit package, which is estimated at above $35 million.

Yikes. Just what HP's board needs to deal with while trying to find a new CEO. [WSJ via CNET]

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On behalf of HP's shareholders?? These kinds of lawsuits only screw the shareholders bigtime, while the lawyers get their big fees... Don't forget, the lawyers take a 50-70% cut of any penalties or settlements, which will come out entirely from the company's coffer (or insurance, which is paid by the company anyway...)

And people wonder why our economy is so screwed up...