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Terra Firma boss Hands drops case against Citi over EMI buyout

Reuters - UK Focus

LONDON, June 10 (Reuters) - Guy Hands has withdrawn his case against Citigroup (NYSE: C - news) over the 2007 buyout of music label EMI by his private equity firm Terra Firma, the company said on Friday.

"Terra Firma confirms it unreservedly withdraws its allegations of fraud," a lawyer for the firm told a London court.

Hands, the founder of Terra Firma, had been seeking damages of 1.5 billion pounds ($2.16 billion), alleging that the U.S (Other OTC: UBGXF - news) . bank misled him in the EMI deal.

"We are very pleased that Terra Firma has unreservedly withdrawn the allegations, agreed to the dismissal of the proceedings and will pay Citi's costs in relation to this matter," Citigroup said in a statement.

($1 = 0.6945 pounds) (Reporting by Freya Berry; writing by Kate Holton; editing by William Schomberg)