LONDON (Hypebot) – A federal judge yesterday denied Citigroup's request to move its battle over Terra Firma's purchase of EMI from NY to the UK. The ruling means that a jury will hear the case if it goes to trial.
The suit filed by Guy Hand's Terra Firma alleges that Citi failed to inform the investment group that other bidders had dropped out prior to their purchase of EMI. It's all part of a bigger battle that could see the struggling taken over by Citi if it fails to meet its loan obligations. Warner Music is also preparing a bid for EMI's assets.
"Citi is based in New York, not England, and will have to answer to a group of New York jurors," said Chris Duffy, a lawyer at Boies, Schiller & Flexner who represents Terra Firma told reporters. "We are disappointed with the court's procedural ruling. We look forward to defending ourselves in this case, which we believe is entirely without merit," replied Citi in a statement.