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Mike Lynch's estate refused permission to appeal case
London's High Court upheld a $1.24 billion damages ruling against Mike Lynch's estate for fraudulent inflation of Autonomy's value before HP's 2011 acquisition.
- On Tuesday, London's High Court refused the estate of late British tech tycoon Mike Lynch permission to appeal a ruling that found it liable to Hewlett Packard Enterprise over the acquisition of his firm Autonomy.
- Hewlett Packard Enterprise acquired Cambridge-based Autonomy for $11.1 billion in 2011, later alleging Mike Lynch and former CFO Sushovan Hussain inflated revenues; the High Court found both liable for fraud in 2022.
- Justice Hildyard awarded Hewlett Packard Enterprise damages and interest totaling around $1.24 billion, including $236 million in interest, though the company had originally sought $5 billion after an $8.8 billion write-down.
- While the High Court denied permission to appeal, the estate may still apply directly to the Court of Appeal; Hewlett Packard Enterprise said the ruling "brings us another step closer to resolution of the dispute."
- The judgment threatens to bankrupt Mike Lynch's estate, which separately faces a £400 million claim from The Italian Sea Group against his widow Angela Bacares-Lynch regarding construction of the Bayesian superyacht that sank in 2024.
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The American company Hewlett Packard will have to receive a compensation of $1.24 billion from the assets of British technology tycoon Mike Lynch, who died in the yacht wreck...
·Milan, Italy
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Sydney Morning Herald+2 Reposted by 2 other sources
The estate of ‘Britain’s Bill Gates’ ordered to pay $1.8 billion to US giant two years after his tragic death
Mike Lynch died alongside his daughter and five others when his superyacht sank off the coast of Sicily as he celebrated a legal win. Now his estate is facing bankruptcy.
·Sydney, Australia
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Mike Lynch estate faces bankruptcy after £920million hit in HP fraud ruling
The estate of Mike Lynch has been ordered to pay Hewlett Packard £920million in damages following a High Court ruling delivered today, a judgment that would leave the late tech entrepreneur's estate bankrupt
·London, United Kingdom
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Coverage Details
Total News Sources14
Leaning Left3Leaning Right3Center4Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 30%
C 40%
R 30%
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