Citi Not Liable

CITI BEATS TERRA FIRMA HANDS DOWN: Guy Hands' bucket has sprung yet another hole. AP is reporting that the jury has ruled that Citigroup did not fool Terra Firma into buying EMI at an influated price in 2007. The jury in U.S. District Court in Manhattan quickly returned its verdict this afternoon after beginning deliberations late yesterday. In case you've been on a very long vacation, Citi both conducted the auction for EMI and supplied the loan to help Hands and company acquire it. Terra had accused Citi of making it think there were other bidders for EMI when it was bidding alone. For more, see our news story here. (11/4p)