HP agrees to pay $57M to settle shareholder lawsuit

Hewlett-Packard Co. agreed to pay $57 million to settle a lawsuit that accused the personal computer maker's former management of defrauding shareholders by abandoning a business model it had long touted, according to Fox News.

The suit was filed after former CEO Leo Apotheker announced plans in August 2011 to refocus the company on business services and products. He also revealed plans to scrap WebOS, for which HP acquired the rights in 2010; pay $11.1 billion for British software company Autonomy PLC; and possibly spin off HP's personal computer business.

The lead plaintiffs include the 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.

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