Hewlett Packard Won’t Drop Its UK $11 Billion Claim Against Tech Mogul Mike Lynch, Who Died When His Yacht Sank

LONDON — Hewlett Packard Enterprise announced Monday that it will not dismiss its U.K. claim for damages against the estate of British tech entrepreneur Mike Lynch, who died when his superyacht drowned last month.

In 2022, Britain’s High Court decided primarily to favor the US technology giant, which accused Lynch and his former finance director of fraud concerning its $11 billion acquisition of his software company Autonomy. Hewlett-Packard is seeking up to $4 billion in damages, and the judge is anticipated to make a ruling on the exact amount shortly.

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Hewlett Packard Won’t Drop Its UK Claim Against Tech Mogul Mike Lynch, Who Died When His Yacht Sank

Mike perished when his yacht, the Bayesian, fell in a storm off Sicily on August 19. His widow, Angela Bacares, may now be liable for the damages.

Mike was acquitted in a separate US criminal trial of fraud and conspiracy in the agreement months before the sinking.

Hewlett Packard initially applauded its pricey 2011 acquisition of Lynch’s company but soon began to regret it. The corporation stated on Monday that it had “substantially succeeded” in its civil fraud allegations against Lynch and the former finance director, Sushovan Hussain.

“It is HPE’s intention to follow the proceedings through to their conclusion.”

However, the U.K. civil action judge has already concluded that the amount payable in damages will be “substantially less” than what the company is demanding.

The Lynch family’s spokesman declined to respond.

Mike and his daughter Hannah were among six passengers killed when the 56-meter (184-foot) luxury boat sank. One crew member, the boat’s chef, also perished, while 15 people escaped the accident. They gathered on the yacht to celebrate Lynch’s acquittal.

Hewlett Packard Won’t Drop Its UK Claim Against Tech Mogul Mike Lynch, Who Died When His Yacht Sank

Officials first reported that the boat was hit by a tornado over the water, known as a waterspout, but the weather phenomena was later identified as a downburst. Italian prosecutors are investigating the captain on possible accusations of manslaughter.

SOURCE | AP