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Rare Retrial Granted Following BSF’s Second Circuit Arguments for Private Equity Firm Terra Firma

May 31, 2013

In a turn-around seldom seen in civil jury cases, BSF has won the right to a retrial of a fraud claim for its client Terra Firma against Citigroup over the leveraged buyout of EMI.  The Second Circuit Court of Appeals vacated the verdict in the case which went to trial in the fall of 2010, remanding the case to the District Court for a new trial.

In the ruling, the Second Circuit adopted BSF’s argument that the District Court should have given the jury a burden-shifting instruction to which Terra Firma was entitled under English law, which governed Terra Firma’s claims.  Circuit Judge John M. Walker, Jr.’s, published opinion explained that while “we are loath to overturn a jury verdict in a civil case,” Terra Firma had persuaded the Court of Appeals that the jury instructions were prejudicial, requiring reversal.

Please click the below links for media coverage of this win.

New York Times, May 31, 2013
Appeals Court Revives Financier’s Suit Against Citigroup

American Lawyer's Litigation Daily, May 31, 2013
Boies Wins Rematch in Megabucks Terra Firma v. Citi Case

Law360, May 31, 2013
Citigroup Suit By British PE Mogul Revived By 2nd Circ.

Reuters, May 31, 2013
Financier Hands' EMI lawsuit vs Citigroup revived

Wall Street Journal, May 31, 2013
Terra Firma Gets New Trial in Citi Suit Over EMI Deal

Bloomberg, May 31, 2013
Terra Firma Wins New Trial Against Citigroup Over EMI Sale

Financial Times, May 31, 2013
US judges overturn Citi’s win over EMI

Related Lawyers: David Boies, Jonathan Sherman, Christopher E. Duffy, Karen C. Dyer, Melissa Felder Zappala, William C. Jackson, Abby L. Dennis, George R. Coe

Related Practice: Litigation