Terra Firma Rebuffed

HANDS DEALT ANOTHER BLOW: Terra Firma’s Guy Hands took it on the chin in his case against Citigroup last week, when U.S. District Judge Jed Rakoff ruled he could collect no more than 25% of the $8 billion in damages he was seeking and now a second decision has gone against the beleaguered exec, with the judge insisting a jury will not be asked to consider potential punitive damages for Terra Firma in its civil fraud claim. Rakoff admitted he believed punitive damages were not appropriate under the law in this multibillion-dollar case. “This is a cat fight between two rich companies,” he commented with the jury absent. “Punitive damages in most jurisdictions involve some threat to the public. This case doesn’t have that.” Unh-oh… (11/2a)