U.S. court reopens EMI Citigroup trial

May 31, 2013, 1:08 PM EDT

A U.S. federal appeals court has revived U.K. private equity investor Guy Hands' 2010 lawsuit against Citigroup over his ill-fated £4.2 billion buyout of music group EMI in 2007. The ruling overturns a jury verdict that Citigroup was not liable for fraudulent misrepresentation to Hands' Terra Firma Capital Partners over the EMI transaction. The appeals court said the jury had been incorrectly instructed by the judge on the relevant English law. The case will go for a new trial. EMI was seized by Citicorp in 201, broken up and sold to Universal Music and a Sony-led consortium.

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