British financier Guy Hands is engaging in "legal tourism" by pursuing a U.S. lawsuit accusing Citigroup Inc bankers of defrauding him into overpaying for music company EMI Group Ltd, and his case should be dismissed because it does not belong in the United States, the bank said on Wednesday.Citigroup, the third-largest U.S. bank, 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 4 billion-pound (now US$6.5 billion) 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.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.08% or $0.04/share to $53.05. In the past year, the shares have traded as low as $34.07 and as high as $53.68. On average, 23181000 shares of C exchange hands on a given day and today's volume is recorded at 13075242.
Terra Firma Capital Corporation (Terra Firma) is a real estate finance company that provides customized equity and debt solutions to the real estate industry. Shares of TII remained unchanged at $0.32. In the past year, the shares have traded as low as $0.11 and as high as $0.44. On average, 26117 shares of TII.V exchange hands on a given day and today's volume is recorded at 71.
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