Ninth Circuit Confirms FedArb’s Vaughn Walker’s Settlement in HP Autonomy Securities Derivative Litigation
Palo Alto, CA — The Ninth Circuit issued a memorandum opinion affirming the settlement mediated by former Chief Judge Vaughn Walker of the Northern District of California. The settlement arose out of a shareholder derivative action filed in federal court seeking to impose liability on HP’s directors for alleged breaches of the duties owed to shareholders.
The parties–after numerous sessions with former Judge Walker–ultimately agreed to a menu of corporate governance reforms but no monetary settlement. The district court rejected various objections to the settlement and accepted the release clauses after finding that the scope of liability had been “significantly and substantively narrowed.”
“Settling complicated civil litigation is never easy, especially when the stakes are high,” said Ken Hagen, CEO of FedArb. “Fortunately, the litigants in this matter had the expertise of Judge Walker, whose patience and tenacity as well as his mastery of the legal issues at stake, was able to produce a settlement that withstood objections by various of the litigants.”
Founded 10 years ago, FedArb is an elite provider of mediation, arbitration, trial consulting and ADR related services worldwide. It was launched by Hon. Abraham D. Sofaer, who served as a district judge in the S.D.N.Y. and then as Legal Advisor in the U.S. State Department under Hon. George P. Shultz, where Sofaer represented the U.S. in international arbitrations and in cases before the International Court of Justice.
FedArb has the largest roster of former U.S. federal district court judges in the world. It also has a roster of distinguished professors, lawyers and experts who, along with the retired judges, are responsible for resolving complex state and federal civil litigation. FedArb works to facilitate the resolution of disputes through arbitration and mediation, and also offers moot court exercises and leadership for corporate investigations. Its panelists have expertise in 27 different areas, including Securities Litigation, Intellectual Property, Financial Services, Insurance, Construction, Employment/Labor/Sexual Misconduct, Entertainment, Life Sciences/Pharmaceuticals and other areas of complex civil matters. For more information, FedArb may be reached at 650-328-9500 or pr@FedArb.com.