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Terra Firma sues over EMI acquisition

Private equity firm Terra Firma is taking Citigroup to court in New York. The case has been brought by Terra Firma and its founder Guy Hands, claiming Citigroup misled it over its $6.4 billion acquisition of the music company EMI in 2007.

The company is arguing it was not informed that a rival bidder had already pulled out resulting in it overpaying for EMI.

Citigroup denies wrongdoing.

Caroline Hepker reports.

  • 18 Oct 2010