HP & Oracle Settle, Hurd Forfeits $13.6 Million

HP and Oracle announced a settlement in the lawsuit HP launched against Oracle for hiring former HP CEO Mark Hurd. Terms of the settlement are confidential at this point, but AllThingsD noted that regulatory filings showed that Mr. Hurd returned stock options to HP that are worth some $13.6 million.

In the settlement announcement, the two companies made it clear that they will continue working together. Cathie Lesjak, CFO and temporary CEO for HP said in a statement, “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.”

The lawsuit began after Oracle CEO Larry Ellison hired Mr. Hurd after HP fired him in the wake of a sexual harassment investigation. That investigation found that Mr. Hurd had not violated company policy, but that he had shown a lapse of judgement.

Mr. Ellison publicly commented on the firing, calling it, “the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago.” He then hired Mr. Hurd.

Mr. Ellison also reportedly approached Netscape cofounder (and inventor of the original Mosaic Web browser) Marc Andreessen to help broker the settlement.