The opening statements in the legal battle between Guy Hands, of private equity firm Terra Firma, and Citigroup over the $6.4 billion buyout of music giant EMI were filled with allegations of fraud and lies. Hands is accusing banker and former friend David Wormsley and Citigroup of duping him into thinking there was a rival bid for EMI when he bought it back in 2007.

Tribune Co. filed its reorganization plan, which shifts control of the bankrupt newspaper publisher to its leading creditors, including JPMorgan Chase & Co., Angelo Gordon & Co. and Oaktree Capital Management, from real estate developer Sam Zell. Chief Investment Officer Nils Larsen was also named chairman of Tribune Broadcasting.