Exactly four years after suing Citigroup for allegedly defrauding him into buying music company EMI Group, British financier Guy Hands said the bank has no grounds now to deprive him of his day in a U.S. court.
British financier Guy Hands is engaging in 'legal tourism' by pursuing a U.S. lawsuit accusing Citigroup bankers of defrauding him into overpaying for music company EMI Group, and his case should be dismissed because it does not belong in the United States, the bank said on Wednesday.
Guy Hands’s Terra Firma Capital Partners has got a second chance to try its $8.3bn claim against Citigroup over the 2007 sale of EMI Group.
Now this guy gets it.
Guy Hands, whose private equity firm Terra Firma lost £1.75bn through a disastrous debt-fuelled acquisition of EMI, is perhaps an unlikely champion of the banks.