EMI dispute to be heard in US court

It has been reported that Terra Firma chief Guy Hands will come face to face with Citi's investment banking boss David Wormsley in New York on 18 October.

Each will present their side of the story on the £4bn dispute that has been raging between the two since Hands sued Citi in 2009.

He alleged that Wormsley had falsely represented the desirability of music group EMI – bought by Terra Firma in 2007 – by untruthfully claiming that a rival bidder was interested in the firm.

Wormsley is said to have made three calls to the investor during the last days of the EMI auction, in which he claimed that Terra Firma's competitor, Cerburus, would be offering 262p per share for the firm. Hands thus paid 265p per share to secure the purchase.

The case will be heard before Judge Jed Rakoff and a jury of six, according to the Financial Times. Wormsley denies the allegations.

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