Terra Firma Goes After Citigroup Over EMI Purchase

Law360, New York (December 14, 2009, 7:43 PM EST) -- Private equity group Terra Firma Investments has lodged a suit accusing Citigroup Inc. of manipulating it into purchasing British music company EMI Group Ltd. by concealing the fact that Terra Firma was the only bidder in the auction.

In a 48-page complaint lodged Monday in the Supreme Court of the State of New York, Terra Firma accuses Citi, which made about £92.5 million ($150 million) serving as EMI's financial adviser in the deal, of misrepresenting the activity of other bidders.

Terra Firma acquired EMI for £2.65...
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