Exactly four years after suing Citigroup for allegedly defrauding him into buying music company EMI Group, British financier Guy Hands said the bank has no grounds now to deprive him of his day in a U.S. court.
Reuters reports that Hands' private equity firm, Terra Firma Capital Partners, said in a filing in U.S. District Court in Manhattan on Monday night that its decision to pursue fraud claims in the United States and England, which Citigroup called 'legal tourism', did not justify dismissal of the U.S. case.
EMI's catalogue has included artists like the Beatles, David Bowie, Coldplay, David Guetta, Norah Jones, Kylie Minogue, Katy Perry, Pink Floyd, Snoop Dogg and Tina Turner.
Terra Firma said the U.K. claims concern different events and parties than the U.S. case and were pursued because of a looming filing deadline over its $6.5bn purchase of EMI in 2007.
Hands claims that a Citigroup banker induced him to overpay for EMI at the height of the buyout bubble by falsely telling him that a high bid was needed to top a rival bidder.
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image: © Gisela Giardino