Resident starts his US claim for £7bn

A GUERNSEY resident has started his bid in a court in New York to win £7bn in damages in what is being dubbed the 'trial of the century'.

Private equity financier Guy Hands' investment group, Terra Firma, is suing Citigroup over its disputed takeover of EMI for £4.2bn in 2007.

He wants compensation for EMI's accumulated losses of £1.75bn and a punitive sum worth three times that figure, which would give him £7bn, the maximum under US case law.

Mr Hands (pictured) is claiming that Terra Firma was allegedly tricked into buying EMI by leading Citigroup financial adviser, and former friend, David Wormsley. Citigroup denies Terra Firma's claims and will present evidence to suggest that the company was prepared to pay a substantial sum, whether or not rival buyers were in the frame.

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