Hewlett Packard (HP) has announced that it will continue to pursue damages against the late British tech tycoon, Mike Lynch’s estate. Lynch tragically met his demise last month when his ship sank while celebrating on his wife’s super yacht shortly after being acquitted in the United States.
On August 19th, Lynch was on board his wife Angela Bacares’s super yacht named “Bayesian” near the coast of Sicily when the tragic shipwreck occurred. The British tech mogul, along with six others including his daughter Hannah and top lawyers and corporate executives representing him in lawsuits, all drowned.
Lynch was dubbed the British version of Bill Gates and had been embroiled in a long-standing legal battle with HP before his passing.
In 2011, HP acquired his company Autonomy for a whopping $11 billion, only to regret it soon after. The American tech giant later accused Lynch and his former financial chief of inaccurate valuations and fraud. According to Business Insider, an HP spokesperson stated on Monday, September 2nd, that the technology group is filing a lawsuit seeking up to $4 billion, which has now entered its 13th year.
The company’s statement on Monday indicated that their civil fraud claims against Lynch and former CFO Sushovan Hussain have seen “substantial success.”
“HP intends to continue pursuing the legal process until the litigation concludes.”
The UK High Court had leaned towards supporting HP’s stance in a 2022 judgment. However, judges in a civil case in the UK have ruled that the compensation amount to be paid will be “significantly lower” than what the company has demanded. A final decision on the exact amount is expected to be made soon.
Just months before the shipwreck incident, Lynch and his former deputy financial director Stephen Chamberlain were acquitted in a separate criminal trial held in San Francisco, with charges of fraud and conspiracy in their transactions.
The Times estimated Lynch’s net worth at £500 million. CNN reported that Lynch’s widow Bacares may now be held accountable for the legal battles left behind by her husband.
A spokesperson for Lynch’s family declined to comment.
The luxury yacht “Bayesian” that met its unfortunate fate belonged to a company owned by Bacares. At the time of the accident, there were a total of 12 passengers and 10 crew members on board, with 15 individuals being rescued, including Bacares herself and the captain, James Cutfield.
Among the deceased were Chris Morvillo, partner at the law firm Clifford Chance, and his wife Neda. Morvillo had served as Lynch’s co-defense attorney in the lengthy legal battle and successfully defended him, ensuring he was not accused of defrauding HP. Also among the victims were Jonathan Bloomer, chairman of Morgan Stanley International Inc., and his wife Judy. Bloomer, a friend of Lynch, served as a moral witness for the defense in HP’s long legal battle.
Initially, officials stated that the 56-meter (184-foot) “Bayesian” was struck by a waterspout (also known as a water tornado) causing the accident, but later determined that the yacht encountered a downburst. A downburst is a localized intense downward air current within a thundercloud that generates a straight-line wind, with wind speeds increasing closer to the ground, reaching a maximum speed of up to level 15 on the Beaufort scale.
Italian prosecutors are currently investigating Captain Cutfield, who may face charges including manslaughter.
Business Insider reached out to HP for comment but did not receive an immediate response.