Tech News
← Back to articles

Tech giant seeking $1.7bn from Mike Lynch's estate after yacht death

read original more articles

Tech giant seeking $1.7bn from Mike Lynch's estate after yacht death

Mike Lynch and his daughter Hannah died when his yacht sank

Mr Justice Hildyard ruled in 2022 that HPE had "substantially succeeded" in its claim, but that it was likely to receive "substantially less" than the $5bn it sought in damages.

In a 2019 trial, HPE had accused Mr Lynch of inflating Autonomy's revenues which it said forced it to announce an $8.8bn write-down of the company's worth.

HP, now known as Hewlett-Packard Enterprise (HPE), bought Mr Lynch's tech firm Autonomy in 2011, but it says Mr Lynch and Autonomy's former chief financial officer, Sushovan Hussain, misrepresented the company's finances.

Hewlett Packard (HP) is seeking $1.7bn (£1.3bn) from the estate of Mike Lynch - who died last year when his yacht sank - over HP's acquisition of his firm Autonomy, the tech giant's lawyers have told the High Court.

Earlier this year, he ruled that HPE suffered losses amounting to around £700m through the purchase of Autonomy.

Mr Lynch and his teenage daughter Hannah were among seven passengers and crew who died when the Bayesian went down off the coast of Sicily last August during a storm which caused the vessel to capsize and sink.

A hearing in London, which began on Tuesday, will now decide whether Mr Lynch's estate can appeal against the 2022 and 2025 rulings.

In written submissions, Patrick Goodall, the barrister representing HPE, argued that Mr Lynch's estate was liable to pay $1.7bn, which includes around $761m in interest.

... continue reading