What a Guy

4 November 2010 By Jeffrey Goldfarb Follow @jgfarb

Even as Wall Street remains a pariah, a jury of ordinary Americans cleared Citi and its posh British banker of wrongdoing in the 2007 sale of EMI. The buyout baron s desperate fraud claims now look humiliating. And he just gave his lender the upper hand in their ongoing talks.

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A New York federal court jury has cleared Citigroup of any wrongdoing in the 2007 sale of music company EMI to British buyout firm Terra Firma. Guy Hands, the firm's founder, had accused Citi of tricking him into overpaying for the company.

We are very pleased that the jury reached a unanimous verdict confirming what we have said from the beginning: that Citi and David Wormsley treated Terra Firma with honesty and integrity in the EMI transaction, Citigroup said in a statement following the Nov. 4 decision.

The jury's verdict makes clear that Terra Firma's irresponsible accusations of fraud were nothing more than a misguided attempt to gain leverage in debt restructuring negotiations."

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