Judge OKs EMI Trial For Terra Firma

Judge OKs EMI Trial For Terra Firma

Judge OKs EMI Trial For Terra Firma
U.S. District Judge for the Southern District of Manhattan Jed Rakoff ruled on Sept. 15 that Terra Firma can proceed to trial against Citigroup in the dispute over the private equity firm's acquisition of EMI Group in 2007. Terra Firma's accusations against Citigroup include fraudulent misrepresentation and concealment for not revealing that the only remaining bidder had withdrawn from the 2007 buyout auction, in which Terra Firma purchased EMI for $6.26 billion. (9/15)

Spotify Reaches 10 Million Users
European music streaming service Spotify has hit 10 million users, according to a celebration invitation sent to press and analysts. Information on how many of the 10 million users are active and how many pay a monthly subscription fee for Spotify's premium service was not disclosed. However, in July Spotify CEO Daniel Ek reported that the service had 500,000 paid subscribers. (9/15)

Lennon Benefit Concert To Take Place
A benefit concert to mark the 70th anniversary of John Lennon's birth is set to take place on Nov. 12 at the Beacon Theatre in New York. Performers will include Jackson Browne, Cyndi Lauper, Shelby Lynne, Aimee Mann, and Patti Smith. Proceeds from the concert will benefit the Playing for Change Foundation, a charity that advocates peace through music and helps to build music schools in developing countries. The former Beatle was born on Oct. 9, 1940, and died in New York on Dec. 8, 1980. (9/15)

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