Citigroup wins EMI court battle

Hands had attempted to sue Citigroup, after he alleged a senior banker told him rival Cerberus was planning to outbid Terra Firma, resulting in Hands upping his own bid.

The loss is likely to be a major embarrassment for Hands, and may make it more difficult for Terra Firm to work with investment banks in the future.

Investors in the firm have also warned Hands that he will find it difficult to raise a future buyout fund.

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