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03 Aug 2010
HP has reached an agreement with the US Department of Justice (DoJ) which should bring an end to its 'kickback' legal woes.
The case related to accusations that HP had given financial incentives to Accenture in return for recommending its products for government contracts.
The company has denied any illegal conduct, but has said that it will accept a fine from the DoJ to settle the matter.
"HP denies engaging in any illegal conduct in connection with these matters. HP has agreed to a settlement with the DoJ, without any admission of wrongdoing, in order to resolve the allegations in full," the company said in a statement.
HP expects the fine to affect its third-quarter financial results, and quoted an earnings hit of 2c per share. This could work out at about $50m (£31m), according to an Associated Press report.
The settlement is still subject to the approval of the DoJ as well as any appropriate agencies.
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