HPE did not comment on its legal plans, with Mr Lynch’s death only confirmed on Thursday.
A spokesman said: “We do not think it appropriate to comment on legal matters in these tragic circumstances. We’re saddened by this tragic event and our thoughts are with the families and friends of all the victims.”
Brian Heberlig, one of Mr Lynch’s defence attorneys who helped him defeat US criminal charges, said he hoped that HPE would drop the case.
“Given what his family went through on a personal level, I hope they choose to do that,” said Mr Heberlig, who had been invited to join the summer celebrations on Mr Lynch’s yacht, the Bayesian, but was unable to join the trip.
Mr Lynch, 59, and his 18-year-old daughter Hannah were among those who died when Mr Lynch’s superyacht, the Bayesian, sank on Monday off the coast of Sicily. Other victims included Chris Morvillo, the Clifford Chance lawyer who had led Mr Lynch’s defence.
The $4bn award claimed by HPE would have a material impact on the company, which is worth around $25bn. Listed companies in the US have a fiduciary duty requiring them to act in the best interests of shareholders.
Lawyers for the company are likely to have to weigh up the potential damages against any public outcry and the costs and risks of fighting an appeal.
Mr Justice Hildyard said when delivering the judgment in 2022 that damages would be “substantial” but “considerably less than claimed”. HPE had originally claimed $5bn in damages.
The odds of Mr Lynch’s estate successfully appealing the decision may also have been boosted by beating US criminal charges.