HP makes final $1.8bn claim against Mike Lynch’s estate in Autonomy fraud case
HP has lodged a final $1.8bn claim against Mike Lynch’s estate in the long-running Autonomy fraud case—far above the estate’s value and years after a High Court judgment found Lynch liable for civil fraud. The latest claim is substantially lower than the $5 billion HP originally sought over its ill-fated 2011 acquisition of Autonomy, but still far exceeds the late entrepreneur’s estimated £500 million estate. Lynch, once hailed as Britain’s answer to Bill Gates, died in August last year when his superyacht sank off the coast of Sicily during celebrations following his acquittal in a separate US criminal trial. Seven people were killed in the incident, including Lynch and his daughter. The tragedy left unresolved the question of how much his estate would ultimately owe HP after the High Court found him liable for civil fraud. In a lengthy 2022 judgment, Mr Justice Hildyard concluded that Lynch and Autonomy’s former chief financial officer Sushovan Hussain had fraudulently inflated the software company’s revenues and misrepresented its performance before selling it to HP for $11 billion. Although the judge said HP would still have proceeded with the deal had it known the true state of Autonomy’s finances, he ruled that Lynch and Hussain had deliberately misled the buyer. Earlier this year, Hildyard determined that Lynch’s estate should pay more than £700 million in damages. This week’s hearing is focused on finalising the precise sum, including interest.
HP has lodged a final $1.8bn claim against Mike Lynch’s estate in the long-running Autonomy fraud case.
Original Title: HP makes final $1.8bn claim against Mike Lynch’s estate in long-running Autonomy fraud case
Author’s summary: The court continues to determine the final amount owed by Lynch’s estate following civil fraud findings related to Autonomy’s sale to HP, with interest still to be calculated.
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