Log in

Hewlett Packard won't drop its UK claim against tech mogul Mike Lynch, who died when his yacht sank

Posted 9/2/24

LONDON (AP) — Hewlett Packard Enterprise said Monday it won't drop its U.K. claim for damages against the estate of British tech mogul Mike Lynch, who was killed when his superyacht sank last …

You must be a member to read this story.

Join our family of readers for as little as $5 per month and support local, unbiased journalism.


Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here

Otherwise, follow the link below to join.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

Hewlett Packard won't drop its UK claim against tech mogul Mike Lynch, who died when his yacht sank

Posted

LONDON (AP) — Hewlett Packard Enterprise said Monday it won't drop its U.K. claim for damages against the estate of British tech mogul Mike Lynch, who was killed when his superyacht sank last month.

Britain's High Court in 2022 ruled mostly in favor of the U.S. technology company, which accused Lynch and his former finance director of fraud over its $11 billion takeover of his software company Autonomy. Hewlett Packard is seeking up to $4 billion in damages and the judge is expected to issue a decision on the final sum soon.

Lynch died when his yacht, the Bayesian, sank in a storm off Sicily on Aug. 19. His widow, Angela Bacares, could now be liable for the damages.

Months before the sinking, Lynch was acquitted in a separate U.S. criminal trial of fraud and conspiracy charges in the deal.

Hewlett Packard initially celebrated the costly acquisition of Lynch’s company in 2011 but quickly came to regret it. The company said in a statement Monday that it had “substantially succeeded” in its civil fraud claims against Lynch and Sushovan Hussain, the former finance director.

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

However, the judge in the U.K. civil case has already ruled that the amount payable in damages would be “substantially less” than the company is seeking.

A spokesperson for Lynch's family declined to comment.

Lynch and his daughter Hannah were among six passengers who died when 56-meter (184-foot) luxury yacht went down. One crew member, the boat's chef, also died, while 15 people survived the disaster. They had gathered on the yacht to celebrate Lynch's acquittal.

Officials initially said the yacht was struck by a tornado over the water, known as a waterspout. Prosecutors in Italy are investigating the captain on possible charges including manslaughter.