"In a lengthy 2022 judgment, Mr Justice Hildyard concluded that Lynch and Autonomy's former chief financial officer Sushovan Hussain had fraudulently inflated the software company's revenues and misrepresented its performance before selling it to HP for $11 billion. Although the judge said HP would still have proceeded with the deal had it known the true state of Autonomy's finances, he ruled that Lynch and Hussain had deliberately misled the buyer."
"Earlier this year, Hildyard determined that Lynch's estate should pay more than £700 million in damages. This week's hearing is focused on finalising the precise sum, including interest. HP argues that interest payments alone total $761 million. However, Richard Hill KC, representing the Lynch estate, called HP's calculation "excessive" and said its position was "overly simplistic", accusing the company of assuming it was "the victor in this litigation" without acknowledging the complexities of the case."
Hewlett Packard has filed a final claim of almost $1.8 billion (£1.4 billion) against Mike Lynch's estate over the 2011 Autonomy acquisition. The claim is lower than the original $5 billion sought but exceeds Lynch's estimated £500 million estate. A 2022 High Court judgment found Lynch and Autonomy's CFO Sushovan Hussain had fraudulently inflated revenues and misrepresented performance before selling Autonomy to HP for $11 billion. Earlier this year the court ordered more than £700 million in damages. HP contends interest adds $761 million, while the Lynch estate describes HP's calculations as excessive and overly simplistic.
Read at Business Matters
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