EMI Owner Sues Citibank, Says Sale Price Inflated

The private equity company accuses the bank of fabricating the existence of additional bidders

Last Updated: December 13, 2009 @ 4:08 PM

Terra Firma, the owner of EMI, is suing Citigroup, saying the bank "misrepresented fundamental facts" over the 2007 purchase of the record company.
The private equity company is accusing the bank, which brokered the sale, of falsely claiming that other bidders were in the mix. Terra Firma says it raised its bid and eventually paid $6.5 billion for EMI.

Read more at BBC.