Hewlett-Packard will pay US$100 million (RM373.95 million) in order to settle a class-action lawsuit that emerged from its 2011 purchase of British software company Autonomy.

Dutch pension fund PGGM was the main petitioner in the suit, which has been running since 2012. According to reports, the payment will be made in cash and it will be paid into a settlement fund so as to compensate affected shareholders.

HP spent US$11bil (RM41.13bil) to purchase Autonomy. However, a year later, it was compelled to write down its value by US$8.8bil (RM32.88bil). In the beginning, Autonomy's revenues dropped and HP later said in November 2012 that it had revealed accounting irregularities at the firm. Autonomy's managers did not agree to that, however HP's stock fell to 10-year lows.

According to PGGM lawyer Femke Hendriks, HP's management had created problem for investors as they just ruined the prospects for the purchase.

Hendriks said that the pension fund settled on pursuing the suit against the US tech company since it wanted to give a message to companies that they cannot misinform investors with impunity. She said that the company had to eventually to face the bill. HP did not acknowledge any unlawful activity.

The company said that HP thinks that it is beneficial for it and its shareholders to settle the lawsuit. According to Femke Hendriks, counsel at PGGM, “Due diligence is really at the heart of the case here. That’s where it all went completely wrong. We welcome everything that’ll lead to an improvement in governance, risk management and due diligence processes”.