HP settles Mark Hurd lawsuit

Hewlett-Packard has settled a lawsuit it filed against former CEO Mark Hurd, after he took up a job at Oracle just weeks after stepping down at HP.

Officially, the terms of the settlement are confidential, but BBC News reports that Hurd will have to forfeit around $30m in HP shares he was given as part of his severance package.

Hurd was appointed president of Oracle about a month after leaving his former role amid allegations he had a relationship with an employee and filed improper expense claims.

Oracle chief exec Larry Ellison, who recently described the lawsuit as “vindictive”, said the two firms would continue to collaborate.

Cathie Lesjak, HP’s CFO and interim CEO, added: “HP and Oracle have been important partners for more than 20 years and are committed to working together to provide exceptional products and service to our customers.”

“We look forward to collaborating with Oracle in the future.”