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HP and Oracle settle lawsuit over CEO move

Oracle were accused of violating trade and confidentiality agreements when they hired ex-HP CEO.

The lawsuit filed by Hewlett Packard (HP) against its ex-chief Mark Hurd joining Oracle has been settled.

Hurd was named Oracle co-president on 6 September, just a month after he was forced to quit HP in the wake of a sexual harassment investigation.

Less than a day after the appointment, HP filed a suit against Oracle and Hurd, claiming that the former chief taking up such a high-level role at the technology company would violate trade secrets and confidentiality agreements.

On Monday, the two companies announced that a settlement has been reached, whereby Hurd would keep "obligations to protect HP's confidential information while fulfilling his responsibilities at Oracle".

He will also give up about $30m (£19.3m) in HP shares which he was given as part of his severance package.

The lawsuit is understood to have strained relations between the two companies, who have a history of more than 25 years of co-operating on their technology products. Both the companies reaffirmed their partnership after announcing the settlement.