economy
Mike Lynch's Estate Ordered to Pay £920m to Hewlett-Packard
Ruling linked to Autonomy takeover in 2011 comes two years after tech tycoon died in superyacht disaster
TL;DR
- Mike Lynch's estate must pay £920m to Hewlett-Packard (HP).
- The ruling is compensation, costs, and interest for HP's acquisition of Autonomy.
- A 2022 UK legal ruling found Lynch defrauded HP into overpaying for Autonomy.
- Lynch died in a superyacht disaster in August 2024, shortly after his acquittal on US fraud charges related to the Autonomy takeover.
- HP had accused Lynch and Autonomy's CFO of inflating the firm's value before the 2011 takeover.
- HP wrote down Autonomy's worth by $8.8bn within a year of the purchase.
- The estate's lawyers sought permission to appeal the ruling, which was refused but can be applied for directly to the court of appeal.
- Lynch family spokesperson expressed disappointment and belief that an appeal is in the interest of justice, stating HP's claim was exaggerated and damage was due to HP's actions.