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A lawsuit filed against Hewlett Packard Co’s Chief Executive Mark Hurd and the board of directors by shareholders has been dismissed by a federal judge. The lawsuit said that Hurd was given an excessive payout when he quit abruptly two years ago. The judge, U.S. District Judge Edward Davila from San Jose, California, said in his ruling that the plaintiffs in the case did not properly prove that the approval issued by the board of directors for Hurd’s agreement was not in the best interest of the company.
Louis Levine was the lead plaintiff in the case for the shareholders. The plaintiffs claimed that the cash and the benefits that were paid to Hurd in the agreement were excessive. The lawsuit also said that Hewlett Packard did not receive any benefit by approving the separation agreement. Hurd now works as the president of Oracle Corp. He resigned from his post at Hewlett Packard in August of 2010 after claims of sexual harassment arose. The claims were made by Jodie Fisher, an independent contractor for Hewlett Packard. An investigation run internally by the company cleared Hurd of the claims but did find that he filed expense reports that were not correct.
An amended complaint can now be filed by the plaintiffs within 30 days, as ruled by the judge. The lawsuit was filed back in August of 2010. There was a lawsuit filed against the directors for Hewlett Packard that was dismissed by a state court judge in Delaware back in June.
