Citigroup exec takes stand in NY EMI-buyout trial

NEW YORK (AP) — A Citigroup executive has taken the witness stand to share his side of the story in the civil trial resulting from the purchase of music company EMI by a British private equity firm in 2007.

The executive, David Wormsley, didn't get to say much Monday during a half hour of testimony because lawyer David Boies (BOYZ') spent most of the time showing him e-mails.

Boies is representing Terra Firma founder Guy Hands in his lawsuit accusing Citigroup of deceiving him into paying too much for EMI. Hands has said he believed there were multiple bidders when there was only one.

Hands completed three days of testimony earlier Monday. Terra Firma paid $4.9 billion for EMI, which Hands estimates to be worth 25 percent less now.