Citigroup Verdict Over Guy Hands’s Terra Firma Thrown Out
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Guy Hands’s Terra Firma Capital Partners Ltd. got a second chance to try its $8.3 billion claim against Citigroup Inc. over the 2007 sale of EMI Group Ltd.
An appeals court in Manhattan today overturned the 2010 verdict in which Citigroup defeated Hands’s claim that it tricked him into overpaying for EMI, the London-based music company. The appeals court ordered a new trial, ruling that the judge made an error in explaining the law to the jury.