GUY HANDS DROPS EMI SUIT

Guy Hands has dropped his lawsuit with Citigroup. Three days into a trial in which Hands sought the return of his 2007 investment in EMI, the private equity tycoon decided his company could not prove its case.

"(It) become evident that our documentation of the fast-moving and complex events, and memories of these events after nine years, are no longer sufficient to meet the high demands of proof required for a fraud claim in court," the Terra Firma founder said. "The matter is now closed. Terra Firma is looking to the future.”

Hands had sought damages of £1.5bn alleging that the U.S. investment bank misled him during negotiations to buy the music company. Terra Firma will also pay all of Citi’s costs.