Terra Firma, the UK buy-out group run by Guy Hands, will formally serve a multibillion pound lawsuit on Citigroup in London on Monday, claiming the bank that both advised EMI and financed his disastrous £4bn acquisition of the UK music company fraudulently misrepresented the facts of the auction. Terra Firma is seeking unspecified punitive damages on top of the £1.5bn-plus writedown Hands has taken on his investment. Citi on Friday said the case was without merit and indicated it would defend itself.

This entry was posted by Gwen Robinson on Monday, December 14th, 2009 at 4:37 and is featured in The 6am Cut London (14 Dec 2009) . Tagged with citi, emi, terra firma. Edit this entry.