Citigroup Prevails at Trial Over Terra Firma’s EMI Sale Lawsuit

Citigroup Prevails at Trial Over Terra Firma’s EMI Sale Lawsuit
Citigroup Inc. prevailed at trial against a multibillion dollar lawsuit by Terra Firma Capital Partners Ltd. and its Chairman Guy Hands, who claimed he was tricked by the bank into overpaying for EMI Group Ltd. in 2007.
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Citigroup cleared over EMI bid
US bank Citigroup did not trick Guy Hands’s private equity group Terra Firma into paying too much for music group EMI, a US jury has ruled. Terra Firma had tried to sue Citigroup for up to £7 billion in damages over the £4.2 billion acquisition in 2007, which was mainly financed by Citi.
Read more on Spalding Today

NY jury to decide — lies or bad deal over EMI sale
Did a Citigroup Inc banker lie to British buyout house chief Guy Hands to trick him into buying struggling music company EMI in 2007, or did Hands’ “magic sauce” fail him and is he seeking to avoid responsibility?
Read more on Reuters via Yahoo! News