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HP Settles Kickback Suit With DOJ

HP Settles Kickback Suit With DOJ

Hewlett-Packard reported that it and the Department of Justice have reached a settlement in principle in a case in which HP was charged with soliciting and providing improper payments on technology contracts.

Adding that the settlement is still subject to the approval of the DOJ, the U.S. District Court in the Eastern District of Arkansas, and “appropriate agencies,” HP did not provide a total dollar amount in the penalty, but said the settlement is likely to cost HP about 2 cents on its third-quarter fiscal year 2010 earnings. Based on the number of HP shares outstanding — more than 2 billion — the settlement could cost as much as $50 million.

Read More/Source: Information Week

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