Latest news with #SushovanHussain
The Independent
22-07-2025
- Business
- The Independent
Mike Lynch's £700m payment to HP explained
A London High Court judge ruled that Hewlett Packard (HP) will recoup over £700 million from the estate of the late Mike Lynch and his former business partner, Sushovan Hussain. The sum relates to HP's ill-fated 2011 acquisition of British software firm Autonomy, which HP claimed was based on an inflated valuation due to fraud. HP had accused Dr Lynch and Mr Hussain of orchestrating an elaborate fraud before the $11.1 billion purchase, a deal that subsequently unravelled. A judge had previously ruled in HP's favour in 2022, with this week's decision determining the specific damages owed. Dr Lynch, who died last year, consistently maintained his innocence and was acquitted of related criminal charges in the US.
The Independent
22-07-2025
- Business
- The Independent
Mike Lynch's estate ordered to pay HP £700m in High Court ruling
Hewlett Packard (HP) is set to recoup more than £700 million ($944 million) from the estate of the late Mike Lynch and his former business partner, Sushovan Hussain, a London High Court judge ruled on Tuesday. The sum relates to HP's ill-fated acquisition of British software firm Autonomy. The US technology giant had sought to recover losses from Dr Lynch, who died last year when his luxury yacht sank off Sicily, and Mr Hussain. HP had accused the pair of orchestrating an elaborate fraud to inflate Autonomy's value before its $11.1 billion purchase in 2011, a deal that subsequently unravelled. Within a year of the acquisition, HP wrote down Autonomy's value by $8.8 billion and launched a $5 billion lawsuit against Dr Lynch and Mr Hussain in London. A judge ruled in HP's favour in 2022. Dr Lynch, once lauded as Britain's answer to Bill Gates, consistently maintained his innocence, instead blaming HP for its failure to integrate Autonomy into its operations. He was acquitted of criminal charges related to the deal in the US and had intended to appeal the High Court's 2022 ruling, a process that was on hold pending this week's decision on damages. Judge Robert Hildyard ruled HP sustained losses of over £646 million ($871.8 million) in relation to the difference between what HP paid for Autonomy and what HP would have paid "had Autonomy's true financial position been correctly presented". Hilyard also said HP was entitled to another £51.7 million in relation to "personal claims for deceit and/or misrepresentation against Dr Lynch and Mr Hussain", plus another $47.5 million in relation to losses suffered by group companies. HP said at a hearing last year that it was seeking up to $4 billion. Hussain settled with HP earlier this year.
Yahoo
22-07-2025
- Business
- Yahoo
HP owed over $940 million by Mike Lynch's estate, ex-business partner, UK court rules
LONDON (Reuters) -Hewlett Packard is owed more than 700 million pounds ($944 million) from the estate of the late Mike Lynch and his former business partner over its acquisition of their British software firm Autonomy, a judge at London's High Court said on Tuesday. HP was seeking to recoup its losses from Lynch – who died last year when his luxury yacht sank off Sicily – and Autonomy's former chief financial officer, Sushovan Hussain. The U.S. technology giant sued Lynch and Hussain accusing them of masterminding an elaborate fraud to inflate the value of Autonomy, which HP bought for $11.1 billion in 2011 before the deal spectacularly unravelled. HP wrote down Autonomy's value by $8.8 billion within a year and brought a $5 billion lawsuit against Lynch and Hussain in London, with a judge ruling in HP's favour in 2022. Lynch, once hailed as Britain's answer to Bill Gates, had always maintained his innocence and blamed HP for failing to integrate Autonomy into the company. He was acquitted of criminal charges over the deal in the U.S. and had intended to appeal the High Court's 2022 ruling, a process which was on hold pending Tuesday's decision on damages. Judge Robert Hildyard ruled HP sustained losses of over 646 million pounds ($871.8 million) in relation to the difference between what HP paid for Autonomy and what HP would have paid "had Autonomy's true financial position been correctly presented". Hilyard also said HP was entitled to another 51.7 million pounds in relation to "personal claims for deceit and/or misrepresentation against Dr Lynch and Mr Hussain", plus another $47.5 million in relation to losses suffered by group companies. HP said at a hearing last year that it was seeking up to $4 billion. Hussain settled with HP earlier this year. ($1 = 0.7412 pounds) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
22-07-2025
- Business
- Reuters
HP owed over $940 mln by Mike Lynch's estate, ex-business partner, UK court rules
LONDON, July 22 (Reuters) - Hewlett Packard is owed more than 700 million pounds ($944 million) from the estate of the late Mike Lynch and his former business partner over its acquisition of their British software firm Autonomy, a judge at London's High Court said on Tuesday. HP was seeking to recoup its losses from Lynch – who died last year when his luxury yacht sank off Sicily – and Autonomy's former chief financial officer, Sushovan Hussain. The U.S. technology giant sued Lynch and Hussain accusing them of masterminding an elaborate fraud to inflate the value of Autonomy, which HP bought for $11.1 billion in 2011 before the deal spectacularly unravelled. HP wrote down Autonomy's value by $8.8 billion within a year and brought a $5 billion lawsuit against Lynch and Hussain in London, with a judge ruling in HP's favour in 2022. Lynch, once hailed as Britain's answer to Bill Gates, had always maintained his innocence and blamed HP for failing to integrate Autonomy into the company. He was acquitted of criminal charges over the deal in the U.S. and had intended to appeal the High Court's 2022 ruling, a process which was on hold pending Tuesday's decision on damages. Judge Robert Hildyard ruled HP sustained losses of over 646 million pounds ($871.8 million) in relation to the difference between what HP paid for Autonomy and what HP would have paid "had Autonomy's true financial position been correctly presented". Hilyard also said HP was entitled to another 51.7 million pounds in relation to "personal claims for deceit and/or misrepresentation against Dr Lynch and Mr Hussain", plus another $47.5 million in relation to losses suffered by group companies. HP said at a hearing last year that it was seeking up to $4 billion. Hussain settled with HP earlier this year. ($1 = 0.7412 pounds)
Telegraph
16-05-2025
- Business
- Telegraph
Software giant ends pursuit of Mike Lynch ally in £3bn fraud case
Hewlett Packard Enterprise (HPE) has ended its pursuit of one of Mike Lynch's key lieutenants over claims he defrauded the tech giant in an $11bn (£8.3bn) deal struck more than a decade ago. The Telegraph has learned that HPE has agreed to settle its case against Sushovan Hussain, the former finance chief of Autonomy. HPE has pursued Mr Hussain and the late Lynch in court for years after claiming they committed fraud by exaggerating the success of their UK tech company, Autonomy, before HPE bought it for $11bn in 2011. HPE is seeking £3bn in damages. Details of the settlement have not been made public but it is understood there was no admission of liability. The deal comes as the High Court prepares to award damages in the multibillion-dollar fraud case nearly a year after Lynch was killed when his super-yacht sank off the coast of Sicily. HPE won a civil lawsuit against Lynch and Mr Hussain in 2022, but it has taken the court more than three years to confirm the level of damages it should be awarded. Since that time, Lynch's name was cleared in a stunning legal victory in the US. He had faced decades in jail over a fraud he was alleged to have masterminded when running Autonomy, a Cambridge software business he founded. However, a US jury found him not guilty of the charges in June last year. Just two months after being acquitted, however, Lynch was killed, along with six others including his daughter Hannah, when his super-yacht, the Bayesian, sank in a violent storm off the coast of Sicily. This week, an interim report from British maritime authorities found that 'vulnerabilities' in the yacht's design, including its 236ft-tall mast, had contributed to the disaster. Lynch's friends, including the banker Jonathan Bloomer and his wife Judy, Lynch's lawyer Chris Morvillo and his wife Neda, as well as the yacht's chef Recaldo Thomas, all died when the Bayesian sank. Lynch's wife, Angela Bacares, was among the survivors. His death prompted an outpouring of grief from the British business community. Just weeks before the tragedy, Lynch had said he believed he had been given a 'second life' thanks to his acquittal. Lynch had been instrumental in setting up Darktrace, the multibillion-pound cyber security company, and had planned to return to his work after years of legal woes. He had also intended to challenge the UK's extradition treaty with the US. Despite Lynch's death, the civil legal case has dragged on, with HPE pursuing the claims against his estate, which is thought to be worth hundreds of millions of pounds. The case was expected to resume after the court approved an administrator over his holdings. The High Court had previously said it expected HPE to receive 'substantially less' than what it had claimed. While the damages have yet to be awarded, Lynch's team is expected to appeal. HPE bought Autonomy, a former FTSE-100 software business, in 2011 – but the takeover quickly unravelled after investors baulked at the deal. The US company later sacked Lynch and accused him and his senior team of fraudulently boosting the value of the business with inflated sales and 'round-trip' transactions. While Lynch was cleared after standing trial in the US, Mr Hussain, his former finance chief, was jailed for five years by US prosecutors in 2019 for his alleged role in the scheme. US prosecutors claimed he had used 'sophisticated accounting methods to falsely inflate Autonomy's revenues'. Mr Hussain denied wrongdoing and unsuccessfully appealed against the decision. An HPE spokesman said: 'We're pleased to have reached a resolution in this matter with Mr Hussain, and await Mr Justice Hildyard's ruling on overall damages in the case.' Lynch's family declined to comment. Mr Hussain declined to comment.
