HP to pursue Mike Lynch's estate in £3bn damages claim

2 September 2024, 21:33

American tech brand Hewlett Packard (HP) has said it will pursue its claim for up to £3 billion in damages against the estate of Mike Lynch, who died when his superyacht sank off the coast of Sicily last month.

The tech giant won a UK High Court civil claim against Lynch in 2022, accusing him and his former finance director, Sushovan Hussain, of fraud over its £8.37 billion takeover of his software firm Autonomy in 2011.

A judge is set to rule on the final sum soon, but has said it could be “substantially less” than the £3 billion HP is seeking.

Mr Lynch was cleared in a separate criminal fraud trial over the Autonomy case in the US in June.

Last month, the tech tycoon and his 18-year-old daughter Hannah were among seven people who died after the Bayesian superyacht sank off the coast of Sicily.

His widow, Angela Bacares, could now be liable for the damages claim in London.

HP said: "In 2022, an English High Court judge ruled that HPE had substantially succeeded in its civil fraud claims against Dr Lynch and Mr Hussain.

"A damages hearing was held in February 2024 and the judge's decision regarding damages due to HPE will arrive in due course.

"It is HPE's intention to follow the proceedings through to their conclusion."

Following the confirmation of Mike and Hannah’s death, A spokesperson for the Lynch family said: "The Lynch family is devastated, in shock and is being comforted and supported by family and friends. Their thoughts are with everyone affected by the tragedy. They would like to sincerely thank the Italian coastguard, emergency services and all those who helped in the rescue. Their one request now is that their privacy be respected at this time of unspeakable grief."

Tributes poured in from those who knew Hannah after her death was confirmed.

Katya Lewis, her friend, said: “The love Hannah had for everything she held dear was passionate and pure. She had a warm and beautiful soul.

"Being with Hannah made me feel whole and happy. She is the most special friend anyone could ask for and I will always love Hannah."

Jon Mitropoulos-Monk, Head of English at Latymer Upper, praised Ms Lynch's intelligence and character.

He said: "I’ve never taught someone who combined sky-high intellectual ability with warmth and enthusiasm in the way Hannah did. She lit up the classroom with her energy, passion for learning and sheer intelligence (though never with a hint of arrogance). One of the best English students in the country, she scored 100 per cent in her English Literature GCSE.

"By age 16, she’d read Joyce, Faulkner and Nabokov. Beyond that, she devoured the writings of Angela Carter, Joseph Conrad and John Donne. She loved literature, learning and life. She was so excited to start studying English at Oxford, a goal she had worked so hard towards.

"When she got her place, she sought out every single member of the Latymer Upper English Department to thank them individually and give them a hug. She achieved everything she did with extraordinary levels of grace and fortitude that few others can say they possess. I taught Hannah for four years. I will remember her for what she taught me: kindness, compassion and commitment."