A jury deliberated only a few hours before concluding Thursday that Citigroup did not fool a British private equity firm into buying music company EMI in 2007 at an inflated price, ending a three-week trial that had pitted two former friends and power brokers in the British banking world against each other.
The jury in U.S. District Court in Manhattan returned its verdict after only four hours, concluding that Terra Firma Capital partners was not tricked by Citigroup into overpaying for EMI. Terra Firma had accused Citigroup of making it think there were multiple bidders for EMI when Terra Firma was actually bidding alone.
