British mogul Hands' lawsuit vs Citigroup over EMI revived

Reuters

A federal appeals court has revived British buyout mogul Guy Hands' lawsuit against Citigroup Inc over his takeover of music group EMI.

The 2nd U.S. Circuit Court of Appeals on Friday said U.S. District Judge Jed Rakoff in Manhattan incorrectly instructed the jury on the relevant English law, and directed that the case be sent back for a new trial.

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The jury had found that Citigroup was not liable for fraudulent misrepresentation to Hands' Terra Firma Capital Partners over the EMI transaction.

(Reporting by Jonathan Stempel in New York; Editing by Gerald E. McCormick)