Guy Hands Drops U.K. Suit Over EMI Deal

Days after it began, Guy Hands' trial against Citibank has come to an end. 

"t has 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,” Guy Hands said today, according to a report from The Guardian, marking the last effort from Hands and his firm Terra Firma to reclaim the £1.5 billion he perceived as having lost on the purchase of former major label EMI. The case's stateside counterpart was dismissed in 2011.

On Tuesday, Lord Anthony Grabiner QC, representing Terra Firma, said that the case centered around "four distinct sets of oral misrepresentations" made by three senior Citibank executives at the time of the deal.

According to The Guardian, a Citibank representative told reporters: “We have always maintained that the allegations made by Terra Firma were entirely baseless and that Citi, specifically David Wormsley, Michael Klein and Chad Leat, acted at all times with absolute honesty and professional integrity throughout the EMI transaction. We are very pleased that Terra Firma has unreservedly withdrawn the allegations, agreed to the dismissal of the proceedings and will pay Citi’s costs in relation to this matter.”