(qlmbusinessnews.com via news.sky.com– Fri, 28th Jan 2022) London, Uk – –
UK entrepreneur Mike Lynch has lost a multi-billion pound fraud action brought over the sale of software company Autonomy to Hewlett Packard (HP) in 2011.
The High Court judge found that HP had “substantially” succeeded in its bitter civil case but indicated that the US firm would get considerably less than the $5bn it had sought in damages.
The ruling follows years of bitter wrangling over Autonomy's value, which HP cut by almost $9bn after buying the firm for $11bn.
Mr Lynch has always denied any wrongdoing and said the failure of the acquisition was due to HP's mismanagement.
He is also due to learn later on Friday whether Home Secretary Priti Patel has approved an extradition request to the US where he faces criminal charges, including wire fraud and securities fraud, relating to the deal.
His Autonomy colleague, former chief financial officer Sushovan Hussain, was convicted in the US in 2019 and jailed for five years. He has subsequently lost an appeal against that conviction.