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Court of Appeal Affirms Summary Judgment Ruling for Citigroup
- Client News
- September 9, 2014
The Florida Fifth District Court of Appeal affirmed Paul, Weiss client Citigroup's win of summary judgment on all of the claims asserted in Sungate Securities LLLP, et al. v. Citigroup Inc. The plaintiffs were investors in a feeder fund sponsored by Citigroup Alternative Investments that, in turn, invested in a fund managed by private equity manager Terra Firma. Plaintiffs claimed that the involvement of various Citigroup subsidiaries in Terra Firma's acquisition of the music company EMI constituted, among other things, a breach of fiduciary duty. Following the conclusion of fact and expert discovery, the trial court granted summary judgment for Citigroup on all of plaintiffs' claims; concluding, among other things, that the partnership documents in question barred the claims, and that Citigroup did not owe a fiduciary duty to the plaintiffs. The Court of Appeal affirmed the trial court ruling in all respects.
The Paul, Weiss team included litigation partners Brad Karp and Andrew Ehrlich and counsel Maria Keane. Litigation partner Andrew Ehrlich argued the appeal.