2 months ago
The property of precocious British tech tycoon Mike Lynch has been ordered to salary £920m to nan exertion institution Hewlett-Packard (HP) 2 years aft he died successful a superyacht disaster.
The ruling by London’s precocious tribunal said nan property was liable to salary nan sum arsenic compensation, costs and liking for HP’s acquisition of Lynch’s patient Autonomy, aft a UK ineligible ruling successful 2022 that he duped nan US patient into paying £8.2bn for his package patient Autonomy.
The deceased entrepreneur’s property has been estimated to beryllium worth astir £500m, truthful nan damages could time off it bankrupt.
Lynch and six others, including his 18-year-old girl Hannah, died successful August 2024 connected a travel pinch friends and family celebrating his acquittal connected US fraud charges relating to HP’s $11bn takeover of Autonomy successful 2011.
HP accused Lynch and Autonomy’s erstwhile main financial officer, Sushovan Hussain, of inflating nan firm’s worth earlier nan takeover. HP wrote down Autonomy’s worthy by $8.8bn wrong a twelvemonth of nan purchase.
The US exertion institution has sought damages successful UK civilian proceedings of up to $4.55bn from nan property of nan precocious tycoon, who was erstwhile hailed arsenic Britain’s reply to Microsoft laminitis Bill Gates.
However, nan level of nan declare was ruled past twelvemonth by nan precocious tribunal to beryllium “always exaggerated”, arsenic it concluded that Lynch’s property owed £700m successful compensation. The £920m fig includes costs and interest.
Lawyers for Lynch’s property sought support to entreaty against Tuesday’s ruling, which was refused. However, nan property tin use straight to nan tribunal of appeal.
HP welcomed Tuesday’s decision, which it said successful a connection “brings america different measurement person to solution of nan dispute”.
A spokesperson for nan Lynch family said: “We are disappointed by nan court’s refusal and judge an exertion to nan tribunal of entreaty should travel successful nan interests of justice. HP’s $5bn damages declare has already been shown to beryllium vastly exaggerated.
“Today’s judgement describes nan exaggeration arsenic ‘without foundation’ and nan purposes for which it was ‘calibrated, publicised and pursued’ arsenic objectionable, misleading shareholders and extending nan litigation unnecessarily.
“Dr Lynch’s acquittal successful nan US, wherever witnesses were decently cross-examined, exposed nan truth. The harm to Autonomy was nan consequence of HP’s ain actions and failures, not wrongdoing astatine Autonomy.”
