Hewlett Packard Enterprise (HPE) remains steadfast in its pursuit of a £3bn lawsuit against the estate of Mike Lynch, despite his death.
- The case centres on alleged fraud in the 2011 sale of Autonomy to Hewlett Packard for £7bn.
- Lynch and former CFO Sushovan Hussain were found liable for fraud in 2022.
- Hussain faced US criminal charges, while Lynch was acquitted in a separate UK trial.
- HPE intends to continue the legal proceedings to their full conclusion.
Following the untimely passing of tech tycoon Mike Lynch, Hewlett Packard Enterprise (HPE) has confirmed its determination to proceed with the long-standing fraud lawsuit against Lynch’s estate. This ongoing case, which also implicates Lynch’s former chief financial officer, Sushovan Hussain, is based on the 2011 acquisition of Autonomy by Hewlett Packard for £7 billion. The acquisition, initially lauded, quickly turned contentious, leading to allegations of fraud.
HPE’s claim amounts to as much as £3 billion in damages. This significant legal action stems from assertions that Lynch and Hussain engaged in “contrived” transactions that artificially inflated Autonomy’s value ahead of the sale. A 2022 ruling in the UK High Court found both individuals liable for fraud, describing the deals as lacking “commercial substance.”
In a related criminal case in the United States, Sushovan Hussain was convicted in 2018 and received a five-year prison sentence. Meanwhile, Mike Lynch was acquitted of separate charges in a UK trial earlier this year, an outcome considered a major exoneration for him. Nevertheless, HPE has maintained its civil case against Lynch, with a decision on the damages from Mr Justice Hildyard anticipated by the year’s end.
HPE has clearly stated its intent to pursue all avenues, including any subsequent appeals, to see the case through to its resolution. This resolve remains unshaken despite Lynch’s recent death, indicating the company’s commitment to obtaining a judicial conclusion.
Lynch’s family, when approached for comments about the ongoing litigation, opted not to respond. This decision underscores the delicate state of affairs following the tech entrepreneur’s passing and the high-profile nature of the litigation.
HPE’s determination to conclude its legal battle against Mike Lynch’s estate reflects its unwavering commitment to resolving the complex legal matter.
