Citi, Terra Firma Dispute Over EMI Deal To Stay In US

Law360, New York (July 26, 2010, 3:36 PM EDT) -- A federal judge has denied Citigroup Inc.'s bid to dismiss a suit alleging it manipulated Terra Firma Investments into purchasing British music company EMI Group Ltd., finding that the case should be litigated in the U.S.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York ruled Sunday that the case should remain in the U.S. given the “legitimate U.S. interest” in learning whether Citi may be liable for fraudulent inducement.

Terra Firma said in its December suit that Citi,...
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