Hewlett Packard Enterprise wins $5B fraud suit vs UK tycoon
ABC News
Tech giant Hewlett Packard Enterprise has won a multibillion-dollar lawsuit against a British businessmen it accused of fraud after purchasing his software company Autonomy a decade ago
LONDON -- Technology company Hewlett Packard Enterprise won a multibillion-dollar lawsuit Friday against a British businessmen it accused of fraud after purchasing his software business Autonomy a decade ago.
The decision by the U.K.'s High Court also removes a hurdle for the potential extradition to the U.S. of Autonomy's founder, British entrepreneur Michael Lynch.
Hewlett Packard bought Autonomy in 2011 for $11 billion but was forced to write off most of its value the following year, in a corporate debacle that sparked a boardroom shakeup at the U.S. company.
In its lawsuit, the company had accused Lynch and Autonomy’s former chief financial officer, Sushovan Hussain, of artificially inflating the company's revenues and committing a “deliberate fraud over a sustained period of time.”