Another Ruling Against Terra Firma In EMI Case
November 2, 2010 at 6:30 AM (PT)
Last week (NET NEWS 10/29), TERRA FIRMA CEO GUY HANDS was handed a setback in his court case against CITIGROUP, when U.S. District Judge JED RAKOFF ruled that he would get no more than 25% of the $8 billion in damages initially sought in his case against CITIGROUP over the 2007 acquisition of EMI.
REUTERS reports a second ruling has gone against the EMI owner, with the judge now ruling "a jury will not be asked to consider potential punitive damages for TERRA FIRMA in its civil fraud claim. RAKOFF indicated that he believed punitive damages were not appropriate under the law in the multibillion-dollar case."
"This is a cat fight between two rich companies," RAKOFF commented in the absence of the jury. "Punitive damages in most jurisdictions involves some threat to the public. This case doesn't have that."