HP is seeking up to $4 billion from Mike Lynch’s estate
British tech billionaire Mike Lynch died in August after the yacht he was on capsized off the coast of Sicily. Yet, Hewlett-Packard is continuing its UK lawsuit, seeking up to $4 billion in damages — just against his estate instead. In a statement, HP said it intended "to follow the proceedings through to their conclusion." Lynch and HP have been at odds since the entrepreneur sold his company, Autonomy, to HP for $11 billion in 2011. One year later, a new management team at HP valued the company at only $8.8 billion and accused Lynch of inflating sales, accounting improprieties and misleading HP overall. In June, a US jury found Lynch not guilty on all 15 counts of fraud. However, in 2022, HP won its civil claim in the UK when a high court judge found Lynch and his former finance director, Sushovan Hussain, had defrauded the company — a claim Lynch denied until his death. The amount paid out to HP should be decided soon, though the judge stated in his initial ruling that the damages would likely be "substantially less than is claimed." Lynch, his 18-year-old daughter and five others died when Bayesian, an 183-foot super-yacht, was caught in a violent storm early in the morning on August 19. Fifteen other passengers were rescued, including Lynch's wife, Angela Bacares. The outing had been a celebration of Lynch's recent acquittal, with a mix of loved ones and business associates joining him on board. This article originally appeared on Engadget at https://www.engadget.com/hp-is-seeking-up-to-4-billion-from-mike-lynchs-estate-120027940.html?src=rss
British tech billionaire Mike Lynch died in August after the yacht he was on capsized off the coast of Sicily. Yet, Hewlett-Packard is continuing its UK lawsuit, seeking up to $4 billion in damages — just against his estate instead. In a statement, HP said it intended "to follow the proceedings through to their conclusion."
Lynch and HP have been at odds since the entrepreneur sold his company, Autonomy, to HP for $11 billion in 2011. One year later, a new management team at HP valued the company at only $8.8 billion and accused Lynch of inflating sales, accounting improprieties and misleading HP overall. In June, a US jury found Lynch not guilty on all 15 counts of fraud.
However, in 2022, HP won its civil claim in the UK when a high court judge found Lynch and his former finance director, Sushovan Hussain, had defrauded the company — a claim Lynch denied until his death. The amount paid out to HP should be decided soon, though the judge stated in his initial ruling that the damages would likely be "substantially less than is claimed."
Lynch, his 18-year-old daughter and five others died when Bayesian, an 183-foot super-yacht, was caught in a violent storm early in the morning on August 19. Fifteen other passengers were rescued, including Lynch's wife, Angela Bacares. The outing had been a celebration of Lynch's recent acquittal, with a mix of loved ones and business associates joining him on board.
This article originally appeared on Engadget at https://www.engadget.com/hp-is-seeking-up-to-4-billion-from-mike-lynchs-estate-120027940.html?src=rss
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