Skip to content
Subscriber Only

Citigroup Prevails at Trial Over Terra Firma’s EMI Sale Lawsuit

Citigroup Inc. prevailed at trial against a multibillion dollar lawsuit by Terra Firma Capital Partners Ltd. and its Chairman Guy Hands, who claimed he was tricked by the bank into overpaying for EMI Group Ltd. in 2007.

A federal jury in Manhattan federal court reached its 8-0 verdict yesterday after less than a day of deliberations and a 2 1/2 week trial. U.S. District Judge Jed Rakoff, who had narrowed the range of possible real damages to $2.2 billion from $8.3 billion and ruled out punitive damages, called the suit “a catfight between two rich companies” on Nov. 1.