LONDON (AP) — A British firm has withdrawn allegations in its bid to prove Citigroup tricked it into paying too much for music recording and publishing company EMI in 2007 by making them think there were numerous bidders.
Terra Firma Chairman Guy Hands said Friday it was time to move on.
He said in a statement: "It has become evident that our documentation of the fast-moving and complex events, and memories of these events after nine years, are no longer sufficient to meet the high demands of proof required for a fraud claim in court."
Terra Firma had sued Citigroup, claiming it was owed billions in damages after it paid $4.9 billion for EMI.
Citigroup said it was "very pleased" that Terra Firma had withdrawn the allegations and agreed to pay costs.