Feeds

Intel brass sued over antitrust wrangle

Shareholder dubs board patsies

Secure remote control for conventional and virtual desktops

Intel CEO Paul Otellni and a host of other top Intel brass past and present have been fingered by a shareholder lawsuit, accused of ignoring and pandering to antitrust misconduct that resulted in record fines for the company.

The lawsuit was filed last Friday in US District Court in Delaware by shareholder Charles Gilman.

The twelve Intel bigwigs named in the filing include Otellini; ex-CEO and ex-Intel board chairman Craig Barrett; Intel directors James Plummer and Susan Decker; and ex-Intel director Carol Bartz. The action ties into AMD's now-settled lawsuit against Intel and the the €1.06bn ($1.45bn, £890m) fine imposed by the EU on Intel for anti-competitive behavior.

The filing alleges that shareholder attempts to obtain action against Intel officers and directors - which included several letters of demand and one in-person meeting with Audit Committee lawyers - was met by Intel with a deaf ear and sometimes outright hostility.

It claims that although Intel's Audit Committee must have known about the antitrust allegations made against the company and that the claims "had a strong basis in fact," it was unwilling to enact necessary remedial measures.

Furthermore, it alleges that the antitrust scheme spanning from 2001 through 2007 was "approved and implemented" by Intel executives Otellini and Barrett.

"This action is necessary to protect Intel and its shareholders from the actions of its senior executives, as well as from a Board of Directors that is all too happy to aid and abet them in a cover-up of their misconduct," the lawsuit states.

The shareholder seeks a judgment in favor of the company and against the executives for the amount sustained as a result of their alleged breaches of fiduciary duties. It further asks for attorneys fees and for requiring Intel's current directors to implement remedial corporate governance and audit procedures.

When reached for comment, an Intel spokesman told El Reg the company disagrees with the lawsuit's assertions and plans to defend itself. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
TEEN RAMPAGE: Kids in iPhone 6 'Will it bend' YouTube 'prank'
iPhones bent in Norwich? As if the place wasn't weird enough
George Clooney, WikiLeaks' lawyer wife hand out burner phones to wedding guests
Day 4: 'News'-papers STILL rammed with Clooney nuptials
iPAD-FONDLING fanboi sparks SECURITY ALERT at Sydney airport
Breaches screening rules cos Apple SCREEN ROOLZ, ok?
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Apple's new iPhone 6 vulnerable to last year's TouchID fingerprint hack
But unsophisticated thieves need not attempt this trick
The British Museum plonks digital bricks on world of Minecraft
Institution confirms it's cool with joining the blocky universe
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.