HP Paying BSkyB About $458 Million As Part Of EDS Settlement
Hewlett-Packard Company (NYSE:HPQ) is paying BSkyB Ltd. £318 million ($458 million) in damages, costs and interest as part of a lawsuit they inherited when EDS was acquired for $13.9 billion in May 2008.
In 2000 Sky hired EDS to create a new CRM, but ended up terminating the £48 million ($69 million) contract due to a woeful performance in 2002. Sky was originally asking for £709 million in damages, but had to negotiate the price with HP at the High Court. The High Court ruled in January 2010 that EDS had been deceitful about the length of time it would take to get the project done. [Telegraph UK]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry