HP to continue $4B damages case against Mike Lynch, who died when his yacht sank off Italian coast
Hewlett Packard on Monday said it intends to pursue a $4 billion damages claim against the estate of a British tech mogul Mike Lynch, who died when his luxury yacht sank off the coast of Sicily last month.
The tech giant gave a statement saying that it still sought to collect on a judgment rendered by a civil court in the United Kingdom which ruled in its favor following a lawsuit involving the collapse of Mike Lynch’s Autonomy Corp.
In 2022, a High Court judge ruled that Lynch and his former finance director, Sushovan Hussain, fraudulently inflated the company’s value shortly after their company, Autonomy, was acquired by HP for $11.1 billion in 2011.
The acquisition made Lynch one of Britain’s wealthiest men.
HPE said it wants the judge to award it $4 billion in damages. Lynch’s widow, Angela Bacares, 57, would be on the hook for whatever penalty is handed down, according to the Times of London.
“It is HPE’s intention to follow the proceedings through to their conclusion,” the company said in a statement on Monday, which comes about a week after Lynch’s body was recovered from the seabed just off the coast of Italy.
Bacares, who was on board the yacht that sank, managed to escape with her life.
The yacht, Bayesian, ran aground following a turbulent storm near Porticello on Aug. 19.
Seven people, including Lynch and his 18-year-old daughter, Hannah, died in the tragedy. Fifteen others survived.
In light of Lynch’s tragic death, HPE said it would press ahead with its quest to collect damages despite potential public relations problems that may arise from going after an estate of a grieving family.
“An English High Court judge ruled that HPE had substantially succeeded in its civil fraud claims against Dr. Lynch and Mr. Hussain,” the company told Times of London in a statement.
“A damages hearing was held in February 2024 and the judge’s decision regarding damages … will arrive in due course.”
In June, Lynch was acquitted by a federal jury in San Francisco on 15 charges including wire fraud and conspiracy related to allegations that he sought to inflate sales while running Autonomy.
With Post wires
