HITS Daily Double

Add Rakoff ruling on damages

STRIKE TWO: Also tossed out was the issue of "locked in damages," which had been calculated at �2 billion ($3.2 billion) according to Citigroup attorney Jay Cohen, who was cross-examining DeMario on Oct. 22. When questioned by the judge where he was going in his examination, he answered, "I'm going to establish in a minute what her testimony is about 2007, but the testimony, as I understand it, is going to be that as of the day the transaction closed, they lost �2 billion." But DeMario will still be allowed to testify on her estimate for "fair market value damages", although Rakoff threw in the caveat that "a reasonable jury could well find that the methodology proposed by the defense is preferable, but that seems to me to be a jury question." (10/29a)