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HP settlement still needs court approval

HP made a blundering decision when it purchased Palm in 2010 for $1.2 billion. HP was largely interested in Palm’s webOS and planned to put the operating system in everything from smartphones to printers.
 
Ultimately, the efforts to expand webOS never materialized and HP ended up squandering its $1.2 billion purchase.
 
Many of HP’s investors were angry that while HP was touting its big plans for webOS, it was also allegedly trying to figure out how to sell the Palm assets off privately. After HP sold webOS to LG Electronics, some investors filed a class action suit against the company for defrauding shareholders.
 
"HP has reached a mutually acceptable resolution through a mediated settlement," said Sarah Pompei, an HP spokeswoman.

 
The settlement will see HP cough up $57 million that will be placed into an interest-bearing escrow account. Lead plaintiffs in the suit are Arkansas Teacher Retirement System; the Labourers' Pension Fund of Central and Eastern Canada in Oakville, Ontario; the LIUNA National Pension Fund and LIUNA Staff & Affiliates Pension Fund in Washington, D.C.; and Union Asset Management Holding AG in Frankfurt, Germany.
 
"We are very happy with the settlement and are glad to have achieved this recovery for the affected HP shareholders," said Jonathan Gardner, co-lead counsel for the class.
 
WebOS has proven to be a difficult sell to consumers in several key markets now. It remains to be seen if LG and its webOS smart TVs will prove successful.

Source: Reuters





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