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Terra Firma’s Guy Hands Drops Multibillion-Dollar Lawsuit Against Citigroup
06-11-2016, 11:26 PM
Post: #1
Terra Firma’s Guy Hands Drops Multibillion-Dollar Lawsuit Against Citigroup
Tycoon was claiming $2.2 billion in damages over EMI takeover

British private-equity tycoon Guy Hands has dropped his epic multibillion-dollar lawsuit against Citigroup, just three days after the latest trial began.

The move was confirmed by both Citigroup and Terra Firma Capital Partners Ltd., the private-equity firm founded by Mr. Hands.

The High Court trial began in London on Tuesday and was expected to last for six weeks.

Justice Michael Burton said at a special hearing: “I’m sure this is the right result.”

Terra Firma was claiming at least £1.5 billion ($2.2 billion) in damages for alleged fraudulent misrepresentation from Citi over Terra Firma’s 2007 takeover of EMI, home to artists from The Beatles to The Beastie Boys.

Terra Firma and co-investors lost their £1.75 billion investment in EMI when it was taken over by lender Citigroup in 2011, following financial difficulties.

Mr. Hands, chairman of Terra Firma, had claimed that he was misled and “lied to” by Citigroup bankers during the 2007 takeover

lied to no really lol

BombCoin Stack

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