UK court awards £700 mn to HP in late tycoon's fraud case / Photo: Alessandro FUCARINI - AFP/File
-
US consumer confidence tumbles in December
-
Norwegian biathlete Sivert Guttorm Bakken found dead in hotel
-
UK comedian Russell Brand faces two new rape, assault charges: police
-
Venezuela seeks to jail backers of US oil blockade
-
Norwegian biathlete Sivert Guttorm Bakken found dead
-
Wall Street stocks edge higher
-
Vietnam Communist Party endorses To Lam to stay in top job
-
US economic growth surges in 3rd quarter, highest rate in two years
-
Frank defends Van de Ven after Slot slams 'reckless' foul on Isak
-
Russian paramilitaries in CAR say take election threat 'extremely seriously'
-
Trump in the Epstein files: five takeaways from latest release
-
UK govt to relax farmers inheritance tax after protests
-
Pakistani firm wins auction for state airline PIA
-
Stocks slip on strong US growth data
-
DR Congo beat Benin to kick off Cup of Nations bid
-
New Epstein files dump contains multiple Trump references
-
Russian strike could collapse Chernobyl shelter: plant director
-
Springbok captain Kolisi to rejoin Stormers
-
Italy fines Ryanair $300 mn for abuse of dominant position
-
Mahrez eyes strong AFCON showing from Algeria
-
Killer in Croatia school attack gets maximum 50-year sentence
-
Thousands of new Epstein-linked documents released by US Justice Dept
-
Stocks steady as rate cut hopes bring Christmas cheer
-
Bangladesh summons Indian envoy as protest erupts in New Delhi
-
Liverpool's Isak faces two months out after 'reckless' tackle: Slot
-
For director Josh Safdie, 'Marty Supreme' and Timothee Chalamet are one and the same
-
Kyiv's wartime Christmas showcases city's 'split' reality
-
Locals sound alarm as Bijagos Islands slowly swallowed by sea
-
Cambodia asks Thailand to move border talks to Malaysia
-
In Bulgaria, villagers fret about euro introduction
-
Key to probe England's 'stag-do' drinking on Ashes beach break
-
Delayed US data expected to show solid growth in 3rd quarter
-
Thunder bounce back to down Grizzlies, Nuggets sink Jazz
-
Amazon says blocked 1,800 North Koreans from applying for jobs
-
Trump says US needs Greenland 'for national security'
-
Purdy first 49er since Montana to throw five TDs as Colts beaten
-
North Korea's Kim tours hot tubs, BBQ joints at lavish new mountain resort
-
Asian markets rally again as rate cut hopes bring Christmas cheer
-
Australian state poised to approve sweeping new gun laws, protest ban
-
Trapped under Israeli bombardment, Gazans fear the 'new border'
-
Families want answers a year after South Korea's deadliest plane crash
-
Myanmar's long march of military rule
-
Disputed Myanmar election wins China's vote of confidence
-
Myanmar junta stages election after five years of civil war
-
Ozempic Meals? Restaurants shrink portions to match bite-sized hunger
-
'Help me, I'm dying': inside Ecuador's TB-ridden gang-plagued prisons
-
Australia's Cummins, Lyon out of fourth Ashes Test
-
US singer Barry Manilow reveals lung cancer diagnosis
-
'Call of Duty' co-creator Vince Zampella killed in car crash
-
Investor Tools Highlighted by BNK Invest
NYSE - LSE
| SCS | 0.12% | 16.14 | $ | |
| CMSC | 0.01% | 23.1399 | $ | |
| BCC | -1.28% | 73.29 | $ | |
| AZN | 0.47% | 91.985 | $ | |
| BCE | -0.11% | 22.705 | $ | |
| RIO | 1.15% | 81.03 | $ | |
| NGG | 1.09% | 77.255 | $ | |
| BTI | 0.36% | 56.975 | $ | |
| CMSD | -0.78% | 23.02 | $ | |
| GSK | 0.3% | 48.735 | $ | |
| JRI | 0.37% | 13.42 | $ | |
| BP | 1.16% | 34.541 | $ | |
| RBGPF | 0% | 80.22 | $ | |
| RELX | -0.09% | 40.945 | $ | |
| VOD | 1.23% | 13.04 | $ | |
| RYCEF | 0.19% | 15.53 | $ |
UK court awards £700 mn to HP in late tycoon's fraud case
A UK court Tuesday awarded £700 million ($946 million) compensation to IT firm Hewlett Packard in a fraud case involving late British tech tycoon Mike Lynch, killed last year when his superyacht sank off Sicily.
A UK court ruled in 2022 in favour of the US technology giant, now known as Hewlett Packard Enterprise (HPE), in a civil case linked to the sale of Lynch's company, Autonomy.
Lynch, once dubbed the "British Bill Gates", founded software firm Autonomy in the 1990s. Its $11 billion sale to Hewlett Packard in 2011 also saw him face fraud charges in the United States.
HP accused Autonomy of artificially inflating its revenues and growth before the sale and had demanded $5 billion in compensation.
"We are pleased that this decision brings us a step closer to the resolution of this dispute," said a spokesperson for Hewlett Packard.
"We look forward to the further hearing at which the final amount of HPE's damages will be determined," they added.
The further hearing, dealing with matters including interest, currency conversion and whether Lynch's estate can appeal the decision, is scheduled for November.
The British court had not yet awarded damages when Lynch was killed along with his 18-year-old daughter Hannah, four friends and the yacht's cook in the sinking of his British-flagged vessel Bayesian in a storm in August 2024.
Lynch, 59, his family and guests were on board celebrating his acquittal in the massive US fraud case.
The 56-metre (185-foot) yacht was struck by a mini-tornado before dawn as it was anchored off Porticello, near Palermo.
Hewlett Packard had recorded nearly $9 billion in write-downs, including more than $5 billion it claimed resulted from accounting manipulations by Autonomy's directors before the sale.
But justice Robert Hildyard in the British case wrote in his ruling that "HP's claim was always substantially exaggerated".
The initial compensation award had been expected in September 2024, and before his sudden death Lynch had prepared a written reaction to the judgement.
The ruling "exposes HP's failure and makes clear that the immense damage to Autonomy was down to HP's own errors and actions", he wrote, adding that the company would consider appealing the decision.
A spokesman told AFP any debts would have to be discharged from Lynch's estate.
G.Stevens--AMWN