Mike Lynch loses $5bn fraud case over sale of Autonomy to HP in 2011
UK entrepreneur Mike Lynch has lost a multi-billion pound fraud action brought over the sale of software company Autonomy to Hewlett Packard (HP) in 2011.
The ruling follows years of bitter wrangling over Autonomy's value, which HP cut by almost $9bn after buying the firm for $11bn.Mr Lynch is also due to learn later on Friday whether Home Secretary Priti Patel has approved an extradition request to the US where he faces criminal charges, including wire fraud and securities fraud, relating to the deal.Read more: Sky News »
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The High Court judge found that HP had"substantially" succeeded in its bitter civil case but indicated that the US firm would get considerably less than the $5bn it had sought in damages.Priti Patel is set to make a decision before the end of this week (Dominic Lipinski/PA) / PA Wire Mr Justice Swift heard that a judge at Westminster Magistrates’ Court had rejected “various challenges” Mr Lynch had made against his extradition and ruled that Ms Patel could decide whether to extradite.Sleaze watchdog attacks ‘bonkers’ rule that allowed Boris Johnson to escape investigation A source at the company was reported as saying Ms Harrison was keen to get press on the plane in order to make the evacuation a good news story.ortages.
The ruling follows years of bitter wrangling over Autonomy's value, which HP cut by almost $9bn after buying the firm for $11bn. Mr Lynch is also due to learn later on Friday whether Home Secretary Priti Patel has approved an extradition request to the US where he faces criminal charges, including wire fraud and securities fraud, relating to the deal. Judge Snow refused her application and said she should make a decision before Christmas. Advertisement . Mr Johnson had previously said on 7 December last year that it was “complete nonsense” that he had intervened to have the animals evacuated and that he had “no influence on that particular case”.