USD 5 billion trial of HP vs UK entrepreneur to start next week

Hewlett-Packard and software company Autonomy Co-founder Mike Lynch is set to fight a USD 5 billion civil fraud trial in London's High Court starting Monday.

The High Court lawsuit was filed by HP against Mr. Lynch and former Autonomy finance officer Sushovan Hussain in 2015. HP alleges that the men were behind the fraudulent manipulation of Autonomy’s accounting information on a massive scale, leading to HP paying an extra USD 5 billion for the company. The men deny the allegations and maintain the losses stem from HP’s own mismanagement of Autonomy’s integration.

In the meanwhile, the US government has accused Mr. Lynch of destroying documents, money laundering and paying hush money to influence court proceedings. In an explosive set of new allegations made against the British tech entrepreneur, the Department of Justice added three counts of conspiracy and securities fraud to the 14 he is already charged with on Friday.

As the High Court trial is due to start in London this coming Monday and run throughout the year, let us see what this trial unfolds!

To know about the life of Mike Lynch, refer link

Sources: The Register, Financial Times, The Telegraph

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