Citigroup Inc. and Guy Hands’s Terra Firma Capital Partners Ltd. will litigate their dispute over the 2007 sale of EMI Group Ltd. in the U.K., both sides said after agreeing to drop a $2.2 billion case awaiting retrial in New York.
Guy Hands , the founder of Terra Firma Capital Partners Ltd., testified in his $8.3 billion fraud suit against Citigroup Inc. that his firm wouldn’t have bid on EMI Group Ltd. if he had known there were no other bidders.
Guy Hands, founder of Terra Firma Capital Partners Ltd., said he personally funded 20 million pounds ($30 million) of bonuses at his private equity firm last year, and will do the same again this year.
Guy Hands , whose Terra Firma Capital Partners Ltd. paid $6.7 billion for EMI Group Ltd. at the height of the buyout boom in 2007, began trial of his claim that he was tricked into overpaying by a Citigroup Inc. banker.
David Wormsley , the Citigroup Inc. banker accused by Guy Hands of misleading him in the 2007 auction of EMI Group Ltd. , testified that Terra Firma Capital Partners Ltd. founder would have trusted his advice at times.