HP is owed £700m over Mike Lynch Autonomy deal, judge rules

Hewlett-Packard (HP) is owed hundreds of millions, alternatively than billions, of pounds implicit its acquisition of British bundle institution Autonomy successful 2011, a High Court justice has ruled.

The US steadfast was seeking to recoup up to £4bn of losses from Mike Lynch - the UK tech entrepreneur and co-founder of Autonomy - successful a damages suit that recovered successful HP's favour successful 2022.

Before a ruling connected the sums progressive connected Tuesday, Mr Lynch tragically died on with his girl Hannah and 5 others, erstwhile his yacht sank successful a freak tempest disconnected the Italian seashore past August.

Money latest: Economists contented informing arsenic authorities borrowing soars

They had been connected the vas celebrating his acquittal successful a US fraud case related to the merchantability of the bundle steadfast to HP.

HP brought the High Court lawsuit aft it importantly wrote down Autonomy's worth by £5.5bn soon aft it completed the £8.3bn acquisition, claiming it had been deliberately overstated.

Mr Lynch had intended to entreaty the judgement earlier his tragic death.

Mr Justice Hildyard ruled that HP suffered losses amounting to £697,876,753, immoderate of which is acceptable to beryllium paid by Mr Lynch's estate.

He besides ruled that Mr Lynch's property was liable to wage portion of astir £35m successful damages - with immoderate of that sum owed to beryllium paid by Sushovan Hussain, Autonomy's erstwhile main fiscal officer, who was besides sued by HP.

Mr Hussain has antecedently settled HP's assertion but could inactive beryllium required to wage damages.

A further proceeding to woody with matters including interest, currency conversion and whether Mr Lynch's property tin entreaty against the determination is acceptable to beryllium held successful November.

Read more:
Mike Lynch died from drowning, inquest hears
How hunt for Mike Lynch unfolded aft yacht sank

Handing down his ruling, Mr Justice Hildyard expressed his "great sympathy" for Mr Lynch's family, calling his decease a "tragedy".

He said: "It is simply a root of anxiousness to maine that I person to present a judgement that volition inevitably origin further accent connected those involved."

In the 197-page ruling, helium said helium considered that HP's assertion "was ever substantially exaggerated" and that the £4bn fig claimed "was not based connected elaborate analysis".