Hewlett Packard Continues Legal Proceedings Against Mike Lynch’s Estate

(Reuters) – Hewlett Packard announced on Monday its intention to continue legal proceedings seeking up to $4 billion in damages from the estate of British billionaire Mike Lynch in the UK.

The U.S. company is pursuing compensation related to its acquisition of British tech firm Autonomy, alleging that fraud orchestrated by co-founder Mike Lynch inflated the company’s value.

Lynch, who passed away in August when his yacht sank off Sicily, had denied any wrongdoing.

Hewlett Packard Enterprise (HPE) stated, “It is HPE’s intention to follow the proceedings through to their conclusion,” in an email to Reuters.

HP (NYSE:HPQ) acquired Autonomy for $11.1 billion in 2011, marking one of the UK’s largest tech deals. However, in late 2012, HP revealed it had uncovered a significant accounting scandal at Autonomy.

In 2022, HP secured a civil case victory against Lynch, but a High Court judge ruled that any damages awarded would be less than the $5 billion initially sought by HP.

A representative for Lynch’s family declined to comment at this time. The lawsuit also targets Autonomy’s former chief financial officer, Sushovan Hussain.