Shareholders sue HP over Hurd fallout

By Associated Press
Posted Aug. 13, 2010 at 1:37 p.m.

Shareholders of Hewlett-Packard Co. have filed a “derivative lawsuit” against the technology company and its board over fallout from former CEO Mark Hurd’s abrupt resignation last week.

A derivative lawsuit lets shareholders sue executives or board members over claims that their actions harmed the company.The suit seeks unspecified damages and changes to HP’s corporate governance. It was filed in California Superior Court in California Tuesday on behalf of shareholders by Brockton Contributory Retirement System.

Hurd resigned last Friday after an investigation into a sexual harassment claim found that he falsified expense reports covering meetings with a female events contractor. Hurd has settled separately with the woman.

The Palo Alto, Calif., company says it sexual harassment policy was not violated.

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