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  • Shocking Lawsuit Against Citigroup Inc. (NYSE:C)

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    Thursday Oct. 28, 2010 at 05:22 am EST
     
    Strange Things happening with Citigroup Inc. (NYSE:C)  
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    Citigroup banker, David Wormsley who went to the opera with the founder of Terra Firma Capital Partners, Guy Hands said on Wednesday that he was astonished when the firm sued him last year over the deal, alleging that he was tricked into overpaying. David told a civil jury in U.S. District Court in Manhattan that he he had no warning Guy Hands would sue, demanding that Citigroup pay back $4.9 billion which it had made from EMI purchase. Hands had sued Wormsley of deceiving that Terra Dirma was among multible bidders for EMI in May 2007, when the firm was actually alone. Wormsley said that the lawsuit was a "total shock" because Hands had never mentioned him that he had lied to him.


    He also mentioned that when the lawsuit was first presented to him, he tried to recall his exact role in the acquisition and found out that he had a limited role in trying to arrange financing. He mentioned that he was not aware that Terra Firma was alone in its bid until after the auction. He said that he and Hands remained friends even after Hands was recieved e-mail notification in September 2007 that Terra Firma was the only bidder. He said that in June 2008, he and Hands along with their spouses went to Royal Opera House in London. He was also invited to Hand's home in Italy for a social gathering in January 2008 and to pheasant shoot in August 2007. Wormsley said Hands had described his disappointment over the EMI deal. "He certainly expressed great reservations about whether it was going to be a good deal," Wormsley said. "What he found when he got in there wasn't what he expected."

    Shares of Citigroup Inc. closed at $4.17 on Wednesday at support level of $4.25. The resistance levels above are at $4.97 and $5.34. The support levels below are at $4.09, $3.98, $3.8. Earlier this week Citigroup Inc. CEO Vikram Pandit Said that he is not happy with the strict regulations . Citigroup came up with revolutionary technology with its New credit Cards this month.

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