Sunday, December 22, 2024

Software giant vows to chase Mike Lynch’s family over £3bn damages

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HPE is able to continue a long-running lawsuit fraud against Mr Lynch by pursuing his estate. The US company is claiming as much as $4bn (£3bn) in the UK lawsuit.

Mr Lynch sold Autonomy to Hewlett Packard for £7bn in 2011, a transaction that saw him feted as “Britain’s Bill Gates”.

However, the deal went sour after less than a year and HPE sued Mr Lynch and Mr Hussain in the High Court in 2015.

The pair were found liable for fraud in a civil trial in 2022, with a judge saying they had pursued “contrived” deals with “no commercial substance” in a way that inflated Autonomy’s value before the sale.

Mr Hussain was found guilty of US criminal charges over the deal in 2018 and subsequently sentenced to five years in prison. However, Mr Lynch was acquitted in a trial in June this year, an outcome that was seen as a stunning vindication for the entrepreneur.

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