Date set for fresh Citigroup – Terra Firma battle over EMI

November 2014

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The battle over Citigroupo’s role in Terra Firma’s takeover of EMI is set to head back to the courtroom. The legal dispute went before a court in New York in 2010 and Citigroup prevailed but the appellate court ordered a new trial on the basis that some specifics of English law – which governed the acquisition – had not been properly explaining in the New York courtroom. It was (finally) agreed by both Terra Firma and Citigroup to move the dispute to the London courts and a date has been set for that hearing in June 2016. Confirming the trial date, Judge Julian Flaux said: “Serious allegations of fraud are made against the defendant and against three individual bankers”.

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