Guy Hands takes stand in Citigroup trial

Terra Firma chairman describes three conversations in which Citigroup banker indicated a rival bid for EMI

British financier Guy Hands took the stand yesterday as the key witness in his $8.4bn civil fraud suit against Citigroup saying a banker duped him into overpaying for record company EMI in 2007.

The Hands lawsuit is seeking $8.4bn in damages for having overpaid when his firm, Terra Firma Capital Partners bought EMI for $6.3bn.

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