British court rules in HP’s favour in Mike Lynch fraud case

▤ Summary

According to Reuters, Justice Robert Hildyard said in the High Court that claimants at HP had “substantially succeeded in their claims in these proceedings”. The intellectual property that Autonomy developed included Idol, a software system that ran on dedicated hardware, for polling structured and unstructured data. HP then found itself in hot water after shareholders filed a complaint that the computer giant had not undertaken a thorough due diligence of Autonomy looking at how it accounted for sales of hardware and software. In 2015, it agreed to pay $100m to a settlement fund to compensate shareholders who purchased HP shares during the period from 19 August 2011 to 20 November 2012. Last January, former UK Tory ministers Andrew Mitchell, David Davis, Lord Maude of Horsham and Lord Deben, along with former Liberal Democrat business secretary Vince Cable, wrote a letter to The Times describing how the extradition would be akin to the UK surrendering its sovereignty.

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