Citigroup seeks dismissal of 'legal tourism' case

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British financier Guy Hands is engaging in 'legal tourism' by pursuing a U.S. lawsuit accusing Citigroup bankers of defrauding him into overpaying for music company EMI Group, and his case should be dismissed because it does not belong in the United States, the bank said on Wednesday.

Reuters reports that Citigroup sought the dismissal less than six months after the 2nd U.S. Circuit Court of Appeals in Manhattan voided a November 2010 jury verdict against Hands' private equity firm Terra Firma Capital Partners over its $6.5bn purchase of EMI.

In a Wednesday court filing, Citigroup accused Hands and Terra Firma of continuing the U.S. case under 'false pretenses' after having 'surreptitiously' filed three overlapping lawsuits in Manchester, England, in the event the U.S. case fell apart.

Citigroup also told U.S. District Judge Jed Rakoff, who oversees the U.S. case, that most key claims and witnesses are in or near England, and that the Manchester lawsuits are 'proof positive that Mr. Hands and Terra Firma have no intention of accepting as final any decision of this court'.

'The court', the bank said, 'should not indulge Mr. Hands' and Terra Firma's continuing legal tourism'.

To access the complete Reuters article hit the link below

Citigroup seeks to end financier Hands' U.S. lawsuit over EMI

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