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Hewlett Packard is pursuing a $4 billion damages claim against the estate of Mike Lynch, who tragically died in a yacht sinking off Sicily last month. Despite Lynch’s death, HP remains committed to collecting the judgment related to the collapse of his company, Autonomy.
Mike Lynch's Estate is Being Pursued by HP for $4 billion
On September 2, Hewlett Packard announced its intention to file a $4 billion damages claim against the estate of British tech magnate Mike Lynch, who perished in the sinking of his luxury yacht off the coast of Sicily last month.
The technology company issued a statement indicating that it continued to pursue the collection of a judgment issued by a civil court in the United Kingdom. The court's decision was made in response to litigation concerning the collapse of Mike Lynch's Autonomy Corp.
In 2022, a High Court judge determined that Lynch and his former finance director, Sushovan Hussain, fraudulently exaggerated the company's value shortly after their company, Autonomy, was acquired by HP for $11.1 billion in 2011.
HPE stated it is seeking $4 billion in damages from the judgment. The Times of London reports that Lynch's widow, Angela Bacares, 57, would be responsible for any penalty imposed.
“It is HPE’s intention to follow the proceedings through to their conclusion,” the company said in a statement on September 2, which comes about a week after Lynch’s body was recovered from the seabed just off the coast of Italy.
Bacares, who was aboard the yacht that capsized, was able to survive.
The Bayesian yacht was grounded near Porticello on August 19 due to a violent storm.
The catastrophe claimed the lives of seven individuals, including Lynch and his 18-year-old daughter, Hannah. Fifteen additional individuals survived.
HPE Presses Forward with $4 Billion Claim Against Lynch’s Estate Despite PR Concerns After His Death
According to the New York Post, HPE has announced that it will continue its efforts to collect damages despite the potential public relations issues that may arise from pursuing the estate of a devastated family in light of Lynch's tragic death.
“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, a federal jury in San Francisco found Lynch not guilty of 15 charges, including conspiracy and wire fraud. The charges were related to allegations that Lynch had attempted to inflate sales while operating Autonomy.
