HP wins $5 billion fraud lawsuit towards UK software program tycoon

HP gained a multi-billion greenback lawsuit on Friday towards a British businessman accused of fraud after shopping for its software program firm Autonomy a decade in the past.

The UK Excessive Court docket’s resolution additionally clears an impediment to the attainable extradition of British entrepreneur Michael Lynch, the founding father of Autonomy, to the US.

HP Inc. purchased Autonomy in 2011 for $11 billion, however was pressured to jot down off most of its worth the next yr, in a company debacle that sparked a boardroom shakeup on the printer and laptop maker.

In its lawsuit, HP, previously generally known as Hewlett-Packard, accused Lynch and Autonomy’s former chief monetary officer, Sushovan Hussain, of artificially inflating the corporate’s income and deliberately committing fraud over a sustained interval. was.

Excessive Court docket Choose Robert Hildyard, summarizing his findings in courtroom, mentioned that HP has largely gained its declare for $5 billion in damages towards the pair.

The case, which is taken into account the UK’s largest civil fraud trial, went to courtroom in 2019 for greater than 9 months. Hussein was beforehand convicted in a US courtroom and sentenced to 5 years in jail.

Lynch is battling extradition to the US, the place he faces separate prison prices, together with prices of wire fraud, securities fraud and conspiracy to commit fraud.

He has denied the costs, and his attorneys have mentioned he ought to face any prison proceedings in England. Britain’s extradition treaty with the US permits judges to refuse handy over a suspect if many of the alleged wrongdoing occurred in Britain.

UK Dwelling Secretary Priti Patel, who wished to consider the courtroom’s resolution to think about the extradition request, has a deadline of Friday midnight to decide.

(Solely the title and picture of this report could have been reworked by Enterprise Normal workers; the remainder of the content material is generated routinely from a syndicated feed.)

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