Terra-Citi suit to proceed

THE SHOW MUST GO ON: Terra Firma’s suit against Citigroup will go to trial, U.S. District Judge Jed S. Rakoff ruled late Tuesday, the Wall Street Journal reports. Although Rakoff dismissed Terra's claims for tortious interference and negligent misrepresentation, he allowed claims of fraudulent misrepresentation and fraudulent concealment to proceed. "We are pleased that Judge Rakoff has rejected Citi's attempt to avoid a trial on both of Terra Firma's fraud claims," a Terra spokesman said in a statement. Citi said in a statement of its own that it was pleased the judge had dismissed two of Terra's claims: "We believe this case is entirely without merit, and we are confident that Citi will prevail at trial on the remaining two claims.” The judge set trial for Oct. 18 and indicated he would issue a lengthier opinion at a later date. (9/15a)