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The estate of late British tech tycoon Mike Lynch has been ordered to pay £920m to the technology company Hewlett-Packard (HP) two years after he died in a superyacht disaster.The ruling by London’s high court said the estate was liable to pay the sum as compensation, costs, and interest for HP’s acquisition of Lynch’s firm Autonomy, after a UK legal ruling in 2022 that he duped the US firm into paying £8.2bn for his software firm Autonomy.The deceased entrepreneur’s estate has been estimated to be worth about £500m, so the damages could leave it bankrupt.Lynch and six others, including his 18-year-old daughter Hannah, died in August 2024 on a trip with friends and family celebrating his acquittal on US fraud charges relating to HP’s $11bn takeover of Autonomy in 2011.HP accused Lynch and Autonomy’s former chief financial officer, Sushovan Hussain, of inflating the firm’s value before the takeover. HP wrote down Autonomy’s worth by $8.8bn (£6.5bn) within a year of the purchase.The US tech company has sought damages in UK civil proceedings of up to $4.55bn from the estate of the late tycoon, who was once hailed as Britain’s answer to Microsoft founder Bill Gates.However, the level of the claim was ruled last year by the high court to be “always exaggerated”, as it concluded that Lynch’s estate owed £700m in compensation. The £920m figure includes costs and interest.Lawyers for Lynch’s estate sought permission to appeal against Tuesday’s ruling, which was refused. However, the estate can apply directly to the court of appeal.HP welcomed Tuesday’s decision, which it said in a statement “brings us another step closer to resolution of the dispute”.A spokesperson for the Lynch family said: “We are disappointed by the court’s refusal and believe an application to the court of appeal should follow in the interests of justice. HP’s $5bn damages claim has already been shown to be vastly exaggerated.“Today’s judgment describes the exaggeration as ‘without foundation’ and the purposes for which it was ‘calibrated, publicised and pursued’ as objectionable, misleading shareholders and extending the litigation unnecessarily.“Dr Lynch’s acquittal in the US, where witnesses were properly cross-examined, exposed the truth. The damage to Autonomy was the result of HP’s own actions and failures, not wrongdoing at Autonomy.”

Daniel Křetínský, the Czech billionaire who acquired Royal Mail's parent company for £3.6bn last year, has pushed back against criticisms that the service has declined under his ownership. Despite heavy criticism of late deliveries and price rises, Křetínský insisted that service has not deteriorated. In a defensive performance before MPs on the business select committee, Křetínský said he was “deeply sorry” for any letters that arrive late. Since his takeover, Royal Mail has faced trade union disputes over working conditions, raised first-class stamp prices from £1.70 to £1.80, and delivered 16m Christmas letters late. Křetínský disputed a string of complaints, including that service is getting worse and that more lucrative parcels are being prioritized over letters. He argued that the UK's expectations for next-day delivery at relatively low prices are comparatively high compared to other European countries. For instance, he noted that in Italy, first-class letters cost €5.50 (£4.76) and regulators only require delivery targets to be met 80% of the time. With a week to go until Royal Mail’s service targets are reduced by the regulator Ofcom, Křetínský emphasized that the UK’s expectations remain far higher than those in other European countries. From next week, Ofcom will ease pressure on the postal service by lowering Royal Mail’s targets under the so-called “universal service obligation.” It will only require delivery of 90% of first-class mail within one working day (instead of 93%) and 95% of second-class mail within three days (instead of 98.5%). The committee’s chair, Liam Byrne, began the session by stating that Royal Mail is on track to deliver 220m letters late this year out of a total of 5.6bn. Křetínský denied that the service was prioritizing more profitable parcels over letters, attributing any instances of this to crisis moments rather than policy.