HP Wins £700M Autonomy Fraud Case

A London High Court judge ruled that Hewlett-Packard is entitled to recoup over £700 million from the estate of the late Michael Lynch and his former business partner, Sushovan Hussain. This sum relates to Hewlett-Packard's ill-fated $11.1 billion acquisition of British software firm Hewlett-Packard — Autonomy Corporation in 2011. Hewlett-Packard had accused Michael Lynch and Sushovan Hussain of orchestrating an elaborate fraud to inflate Hewlett-Packard — Autonomy Corporation's value. The High Court had ruled in Hewlett-Packard's favor in 2022, and this week's decision determined the damages. Judge Robert Hildyard ruled that Hewlett-Packard sustained losses of over £646 million due to the difference between what it paid for Hewlett-Packard — Autonomy Corporation and its true financial position, plus an additional £51.7 million for personal claims of deceit and misrepresentation against Michael Lynch and Sushovan Hussain, and $47.5 million for other group losses. Sushovan Hussain had previously settled with Hewlett-Packard, and Michael Lynch, who died last year, had maintained his innocence and intended to appeal the 2022 ruling.