Fighting Over EMI, Terra Firma Appeals Citigroup Ruling

As ownership battle over venerable music giant looms, private equity group want court decision that cleared bank overturned


Guy Hands, the private equity boss, has launched an appeal against a US court ruling that acquitted Citigroup of all charges over his ill-fated takeover of music group EMI.

Read Also – Guy Hands' $7B Acquisition of EMI MUsic Plays Its Final Notes

The outspoken boss of the Terra Firma buy-out house alleged Citigroup had tricked him into overpaying for EMI. But a New York jury found unanimously for the bank in November after a three-week trial that attracted widespread media attention.

Mr Hands’ appeal, which is expected to focus on the technical aspects of the case, is likely further to damage relations between Terra Firma and Citigroup just a few months before they tussle for control of EMI.

Read more at Financial Times