Hewlett Packard HPE has announced its intention to continue pursuing a claim for damages against the estate of the late British tech magnate Mike Lynch, who tragically died last month.
What Happened: Hewlett Packard Enterprise announced on Monday that it will continue its U.K. claim for damages against the estate of British tech magnate Lynch, who perished when his yacht sank last month, reported the Associated Press.
“It is HPE’s intention to follow the proceedings through to their conclusion,” said the company, according to the report.
The U.S. technology giant is seeking up to $4 billion in damages following a 2022 ruling by Britain's High Court that largely favored Hewlett Packard in its fraud case against Lynch and his former finance director. The final sum is expected to be decided soon.
Lynch died on Aug. 19 when his superyacht, the Bayesian, sank in a storm off Sicily. Lynch had been acquitted in a separate U.S. criminal trial months before his death.
Hewlett Packard initially celebrated its $11 billion acquisition of Lynch's software company, Autonomy, in 2011 but later regretted the deal. The company stated it had "substantially succeeded" in its civil fraud claims against Lynch and Sushovan Hussain, the former finance director.
His widow, Angela Bacares, may now be liable for the damages, according to the report.
The yacht disaster, which also claimed the lives of Lynch's daughter and five others, is under investigation by Italian prosecutors.
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Why It Matters: The death of Lynch has not only left a void in the tech world but also raised significant legal and financial questions. Lynch, often referred to as the UK’s “Bill Gates,” was a prominent figure in the tech industry. His body was recovered from the sunken yacht, while his daughter and five others were initially reported missing.
The yacht, which sank off the northern coast of Sicily, was the subject of a challenging search operation, with divers struggling to navigate its narrow passages. Prior to his death, Lynch had faced significant legal battles, including his extradition to the U.S. on fraud charges related to the Hewlett-Packard deal.
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Image via Flickr/ Royal Society
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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