Mike Lynch’s estate ordered to pay HP £700m following tech mogul’s death
Former tech entrepreneur Mike Lynch’s estate was ordered to pay Hewlett Packard Enterprise (HP) just under £700m in conclusion to the fraud linked to the $11.1bn sale of Autonomy.
Lynch founded software firm Autonomy in 1996 and, along with Autonomy’s former chief financial officer, Sushovan Hussain, he went on to sell the firm to HP in 2011.
At the time, the deal was the largest-ever takeover of a British technology business.
However, HP went on to sue Lynch and Hussain in the High Court over claims they artificially inflated Autonomy’s reported revenues, growth and gross margins.
The lengthy piece of litigation went to trial in 2022 and resulted in an even longer judgement, which ruled in favour of HP. The American tech giant originally sued Lynch and Hussain for £3.7bn.
Lynch was then extradited from the UK to the US to face criminal charges in San Francisco. He pleaded not guilty, and last June, an American jury found him not guilty, acquitting him of all charges.
However, in August, Lynch, along with his daughter, Morgan Stanley International Bank chair Jonathan Bloomer, and Chris Morvillo, a partner at magic circle law firm Clifford Chance, were confirmed dead after a superyacht capsized in Sicily.
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