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Mike Lynch Gets Extradition Court Date as HP Waits for Verdict

Oct. 19, 2020, 10:33 AM

Mike Lynch, who’s waiting for a London judge to rule on whether the former executive oversaw a $5 billion fraud at Autonomy, is set to fight his extradition to the U.S. early next year.

Lynch appeared at Westminster Magistrates Court to be told he faced a five-day hearing on Feb. 8. He’s charged by American authorities with orchestrating a massive fraud at Autonomy Corp. ahead of its sale to Hewlett-Packard Co.

Both HP and Lynch have been waiting more than nine months for a judgment following a 10-month civil trial. Allies of Lynch have argued that if he’s cleared in the civil case, he shouldn’t be extradited, while HP has cautioned against putting too much weight behind the British verdict.

The U.S. Department of Justice alleges that Lynch made false statements to make his software firm more attractive to HP, which acquired Autonomy for $11 billion in 2011. HP wrote down the value by $8.8 billion just a year later.

The trial wrapped up earlier this year with Lynch saying that HP spent tens of millions of dollars attempting to prove fraud, but failed to tie him to any wrongdoing. His attorney argued that HP brought the case “out of buyer’s remorse.”

Lynch was arrested in February and ordered to put up a 10 million-pound ($13 million) security.

To contact the reporter on this story:
Jonathan Browning in London at jbrowning9@bloomberg.net

To contact the editor responsible for this story:
Anthony Aarons at aaarons@bloomberg.net

© 2020 Bloomberg L.P. All rights reserved. Used with permission.

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