LOS ANGELES (LALATE) – Will the Jodie Fisher scandal letter to Mark Hurd allegedly about EDS be released? Jodie Fisher’s letter to then HP (NYSE: HPQ) head Mark Hurd is currently under seal; Hurd wants it to remain under seal; but plaintiff’s counsel in a shareholder suit is seeking the letter to be released.

What is the letter about?

In 2007, Fisher was hired by NBC to play the part of a cougar trying to win the love of Mark Philippoussis in a reality TV series. Fisher then became an independent contractor at HP from 2007 to 2009. She was allegedly hired by Hurd to serve as a marketing rep for HP computers.

How did a reality TV star ink a lucrative HP job?

That was the question many were asking earlier this year. In spring 2010, LALATE reported how Fisher appeared in “Age of Love” (NBC), “Sheer Passion,” “Body of Influence,” and “Intimate Obsession,” “Silk Stalkings,” and “Blood Dolls.” But online records show that Fisher went from “VP of a commercial real estate company” to NBC’s reality TV show “Age of Love” to HP as a marketing consultant for computers in the same year.

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When the Jodie Fisher scandal hit, it didn’t make sense. Hurd announced he would resign, 24 hours after he reached a non monetary settlement. HP found Hurd didn’t harass Fisher. “The investigation determined there was no violation of HP’s … harassment policy, but did find violations of HP’s Standards of Business Conduct.”

But what violations?

Hurd walked away with $12 million in severance and a reported one year take, after stocks, of $40 to $50 million.

Now Felipe Arroyo, a partner at Robbins Umeda LLP, is representing plaintiff Ernesto Espinoza in a shareholder suit. Arroyo has filed a motion with Chancery Court Judge Donald F. Parsons to release the Jodie Fisher letter currently under seal. Hurd’s attorney doesn’t want the letter released.

Why? If Hurd did not harass Fisher, what would be wrong in the letter? The answer might be three letters: EDS.

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The Wall Street Journal is reporting that Jodie Fisher’s letter is about EDS. In the letter, Fisher claims that Hurd in March 2008 told her of HP’s “still secret plan to acquire computer-services company Electronic Data Systems Corp. H-P announced the $13.9 billion deal two months later”, claims the WSJ. One source who claims to have read the letter states Fisher’s letter reads exactly as follows: “You told Ms. Fisher that she shouldn’t disclose anything about the deal to anyone as it would be considered insider trading if stock was purchased by Ms. Fisher or anyone associated with her.”

In August, another case filed by Scott and Scott LLP in California Superior Court claimed “As a result of Hurd’s, Lesjak’s and the HP board’s shortcomings, HP lost significant credibility and the market punished HP (and its shareholders) … [by] slashing its stock ratings and erasing over $9 billion in market capitalization.” That suit claimed Hurd used HP as “his own private fiefdom”, and should have never hired a “a former reality TV contestant” with “no background in the high-tech industry”.