Exactly four years after suing Citigroup Inc for allegedly defrauding him into buying music company EMI Group Ltd, British financier Guy Hands said the bank has no grounds now to deprive him of his day in a U.S. court. 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 catalog 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 4 billion pound (now US$6.5 billion) purchase of EMI in 2007.It said that with millions of dollars already spent, thousands of hours of legal bills incurred, depositions done, exhibits exchanged and hotels reserved, the third-largest U.S. bank should head back to U.S. District Judge Jed Rakoff's courtroom as scheduled for a July 7, 2014 trial.
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 fell by 0.31% or $-0.16/share to $52.25. In the past year, the shares have traded as low as $38.59 and as high as $53.68. On average, 22678300 shares of C exchange hands on a given day and today's volume is recorded at 2059700.
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 $0.40. In the past year, the shares have traded as low as $0.11 and as high as $0.44. On average, 28498 shares of TII.V exchange hands on a given day and today's volume is recorded at 57.
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