THE FORMER CFO of Autonomy is attempting to block an agreement between its owners HP and shareholders to pursue the British software company’s former directors.
Sushovan Hussain, former Autonomy CFO, has filed in a US court to block the “collusive and unfair” settlement, according to Reuters.
Originally, lawyers representing HP’s shareholders were looking for damages from Autonomy’s new owners after an $8.8bn writedown linked to the acquisition. However, an agreement was reached between HP and the shareholders to instead pursue Autonomy’s former directors , who have strongly denied any wrongdoing.
In the filing, Hussain accuses the shareholders’ lawyers of doing “an about-face”. While the shareholders would initially receive nothing from the deal, the lawyers would pick up millions of dollars in fees.