NEW YORK (AP) – An appeals court has thrown out a jury verdict that favored Citigroup in a dispute over the sale of the music company EMI.
The 2nd U.S. Circuit Court of Appeals in Manhattan ordered a new trial Friday.
Terra Firma Capital partners had accused Citigroup of making it think there were multiple bidders for EMI. Terra Firma was actually bidding alone and paid $4.9 billion for EMI.
In 2010, a Manhattan jury rejected Terra Firma’s claim it was owed billions of dollars in damages.
The appeals court found that the trial judge gave a flawed instruction to the jury about burden of proof.
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