Federal Judge Dismisses Motion to Move Citigroup (NYSE: C) Vs. Terra Firma Case to U.K.

A federal judge dismissed a motion by Citigroup (NYSE: C) on Wednesday to dismiss a case brought against Citigroup by private equity firm Terra Firm over the takeover of music label EMI. Citi had argued that the case should have been decided in British courts, rather than in the United States.

Judge Jed S. Rakoff of the Southern District of New York said that Citigroup’s motion for a change of venue was denied in its entirely, although the judge did not provide an immediate written opinion. Rakoff said that he would provide a ruling on the motion by the end of the month.

Citigroup’s legal team argued that the matter should take place in a British court room because the events which were at the core of the lawsuit took place in the United Kingdom and the players that enacted the alleged wrongdoings reside there.

Citigroup also accused Terra Firma of searching for a court that will most likely rule in their favor, arguing that because Terra Firma is a foreign entity with no connection to New York, its desire sto have the case heard in the U.S. should have little weight.

Terra Firma’s team of lawyers said that they had no obligation to file their suit in London.

Jonathan Sherman, a lawyer for Terra Firma, told the press in a statement, “We are very satisfied with the judge’s ruling and now look forward to having our day in court.”

A spokeswoman for Citigroup, Danielle Romero-Apsilos, told the press in a statement: “We are disappointed with the Court’s procedural ruling. We look forward to defending ourselves in this case, which we believe is entirely without merit.”