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HP to continue $4B damages case against Mike Lynch, who died when his yacht sank off Italian coast



Hewlett Packard said on Monday it intends to file a $4 billion damages claim against the estate of British technology tycoon Mike Lynch. who died last month when his luxury yacht sank off the coast of Sicily,

The technology giant issued a statement saying it still seeks to receive funds under a judgment handed down by a United Kingdom civil court, which ruled in its favor following a lawsuit linked to the collapse of Mike Lynch's Autonomy Corp.

British entrepreneur Mike Lynch died in August when his yacht sank off the coast of Sicily. PA Images via Getty Images

In 2022, a High Court judge ruled that Lynch and his former finance director, Susobhan Husain, had fraudulently inflated the company's value shortly after their company Autonomy was acquired by HP for $11.1 billion in 2011.

This acquisition made Lynch one of the richest men in Britain.

HPE said it wants the judge to award it $4 billion in damages. Lynch's widow, Angela Backares, 57, will be responsible for whatever fine is imposed, according to the Times of London.

“HPE intends to pursue this proceeding to its conclusion,” the company said in a statement Monday, nearly a week after Lynch's body was recovered from the sea floor off the coast of Italy.

Rescue workers are working to search for missing people, including British entrepreneur Mike Lynch, in the area where a luxury yacht sank off the coast of Porticello, near the Sicilian city of Palermo, Italy on August 21, 2024. Reuters

Bakares, who was on the sinking boat, managed to save her life.

On August 19, the boat Bayesian ran aground in a storm near Porticello.

Seven people died in the tragedy, including Lynch and his 18-year-old daughter Hannah. Fifteen others survived.

In the wake of Lynch’s tragic death, HPE said it would press ahead with its effort to recover compensation, even though taking action against the grieving family’s estate could create public relations problems.

Hewlett Packard will continue legal proceedings in Britain to recover up to $4 billion in damages from the estate of billionaire Mike Lynch. Wolterke – stock.adobe.com

“An English High Court judge has ruled that HPE has substantially succeeded in its civil fraud claims against Dr Lynch and Mr Hussain,” the company said in a statement to the Times of London.

“A hearing on compensation was held in February 2024 and the judge's decision in relation to compensation … will come in due course.”

In June, Lynch was acquitted by a federal jury in San Francisco of 15 charges, including wire fraud and conspiracy, against him for allegedly trying to boost sales while running Autonomy.

post with wires

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