Guy Hands Fails Again In Citigroup Lawsuit Over Ill-Fated EMI Acquisition
June 10, 2016 at 12:43 PM (PT)
GUY HANDS failed in his second attempt to force CITIGROUP to pay billions over his disastrous purchase of the EMI GROUP., dropping his LONDON lawsuit after lawyers accused him of making baseless allegations, according to BLOOMBERG NEWS.
HANDS dropped the case following three grueling sessions in the witness stand. The agreement requires HANDS’ TERRA FIRMA CAPITAL PARTNERS to pay CITIGROUP’s legal fees.
“It has become evident that our documentation of the fast-moving and complex events, and memories of these events after nine years, are no longer sufficient to meet the high demands of proof required for a fraud claim in court,” HANDS said in a statement.
HANDS previously lost a NEW YORK jury verdict in 2010, three years after the $5.8 billion takeover. He was attempting to recoup damages of about 2.5 billion pounds.
CITIGROUP lawyer MARK HOWARD questioned inconsistencies between HANDS’ testimony and claims he made to a court in NEW YORK.
HANDS has maintained in both lawsuits that he only paid the high price for EMI because CITIGROUP bankers lied to him about the presence of a rival bidder, but has “unreservedly withdrawn” the allegations.
EMI was seized by CITIGROUP in 2011 after struggling to meet the terms of loans used by TERRA FIRMA to finance its takeover. The bank sold its recording division to VIVENDI's UNIVERSAL MUSIC GROUP the following year.