The bank had asked the judge to dismiss the lawsuit, in which it was accused of misleading Terra Firma Capital Partners Ltd, which led it to pay more for its acquisition of
EMI Group Ltd in 2007.
The former Beatle was previously under a contract to release post-Beatles material through
EMI Group, but ended his relationship with the company in 2008.
Earlier this week owner Guy Hands, Terra Firma's chief executive and
EMI group chairman, complained that EMI had 19 managers, marketing executives and lawyers for every talent scout in the group.
Yesterday Apple Inc announced the launch of iTunes Plus, a new copy protection-free music download service featuring artists with
EMI Group.
Music business
EMI Group has agreed to be bought by private equity firm Terra Firma for pounds 3.2bn including debt.
The protean chief and part-owner of the Warner Music Group wants to beef up his company and reputation--and maybe stick it to former colleagues at Universal--by swallowing the larger
EMI Group.
The four companies are Universal Music Group of France's Vivendi Universal; Sony BMG, a joint venture established by Japan's Sony and Germany's Bertelsmann; Warner Music Group of the United States; and
EMI Group of Britain, the reports said.
FTSE 250 stock
EMI Group took centre stage by announcing it was exiting the race for Time Warner's recorded music division.
The British music publishing giant
EMI Group confirmed on September 22 its decision to resume negotiations with the US company AOL Time Warner, which is seeking a buyer for its recording arm Warner Music.
"We tapped VVA to manage this project because of the firm's reputation for bringing projects in on time and on budget," said Les Kelley, senior vice president, Human Resources,
EMI Group. "VVA did a great job working together with EMI's Pamela Vaughn and our team within a challenging timeframe."
The biggest Footsie risers were Man Group up 33p at 948p, Corus Group ahead 2.5p at 89.75p,
EMI Group up 7p at 278p, Canary Wharf ahead 10.5p at 504.5p.
Prior to that he was with Goldman Sachs (NYSE: GS) where his clients included BSkyB,
EMI Group and WPP group.