Citigroup Defeats Terra Firma Suit Over $6B EMI Deal

Law360, New York (November 4, 2010, 2:43 PM EDT) -- A jury on Thursday shot down British private equity company Terra Firma Capital Partners Ltd.'s claims that a Citigroup Inc. executive misled the company during its roughly £4 billion ($6.3 billion) buyout of music company EMI Group Ltd. in 2007.

The jury announced its unanimous verdict in the U.S. District Court for the Southern District of New York, finding Citigroup and executive David Wormsley not liable for allegations of fraudulent misrepresentation lodged by Terra Firm and its founder Guy Hands.

Moments after the verdict was read,...
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