Lernout & Hauspie, Rise and Fall: History of the Company since 1987

Lernout & Hauspie, Rise and Fall: History of the Company since 1987

Finally, on October 18th, it was a real sledgehammer that fell on L&H. The Kent Court of Appeals rejected the request and quashed the composition granted a month ago. Finally, L&H introduced a new merger request, which was rejected on October 24. Bankruptcy declared.

On September 20, 2010, four former directors of Lernout & Hauspie were sentenced to five years in prison, partly suspended and fined.

The implementation of the Civil Division did not begin until 2014, after the proceedings. More than 15,000 civil parties have demanded compensation, including 2,733 without a lawyer. Unlike the other defendants, they particularly relied on the sentence of the auditor KPMG, who had the financial means to pay. However, the Kent Court of Appeals ruled that KPMG should not pay any damages and interest and that his employee did not pay. The court ruled that only six former directors, including Jo Lernout and Pol Hauspie, were eligible for compensation.

On Friday, December 10, 2021, 20 years after the bankruptcy, the Gent Court of Appeal ordered six former directors, including Joe Lernwood and Paul Houseby, to pay approximately 5 655 million in damages.

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About the Author: Cory Weinberg

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