Hewlett Packard to pursue Mike Lynch's estate in 拢3bn damages claim
Mike Lynch and his 18-year-old daughter were among seven people who died after his luxury superyacht Bayesian sank off the coast of Sicily in August.
Monday 2 September 2024 17:47, UK
American tech giant Hewlett Packard has said it is to continue with legal proceedings "through to their conclusion" to seek up to 拢3bn in damages from late British billionaire Mike Lynch's estate in the UK.
The company had been seeking compensation over its acquisition of British tech firm Autonomy amid claims of fraud masterminded by its to inflate the company's value.
The firm won a UK High Court civil claim against Mr Lynch in 2022, accusing him and his former finance director, Sushovan Hussain, of fraud over its $11bn (£8.37bn) takeover of his software company in 2011.
Mr Lynch, 59, who had denied any wrongdoings, and his 18-year-old daughter, Hannah, were among seven people who died after his luxury superyacht Bayesian sank off the coast of Sicily last month.
Fifteen others survived, including Mr Lynch's widow, Angela Bacares, who could now be liable for the damages claim in London.
In a statement, Hewlett Packard Enterprise (HPE) said: "In 2022, an English High Court judge ruled that HPE had substantially succeeded in its civil fraud claims against Dr Lynch and Mr Hussain.
"A damages hearing was held in February 2024 and the judge's decision regarding damages due to HPE will arrive in due course.
"It is HPE's intention to follow the proceedings through to their conclusion."
HPE is seeking damages of up to $4bn (£3bn), with the judge set to rule on the final sum soon.
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The judge has already ruled the amount payable in damages would be "substantially less" than HPE had sought.
Mr Lynch was cleared in a separate criminal fraud trial over the Autonomy case in the US in June.
The boat trip had been organised as a celebration of Mr Lynch's acquittal in that case.