Citigroup cleared of swindling EMI bid

Citigroup did not fool a British private equity firm into buying music company EMI at an inflated price in 2007, a federal jury in New York City ruled today.

The jury in the US District Court in Manhattan returned its verdict in a civil case brought by Terra Firma Capital partners against Citigroup.

Terra Firma had accused Citigroup of making it think there were other bidders for EMI when it was bidding alone.