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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Abu Dhabi fund challenges Citi victory in $4 bln arbitration

Posted on 09 November 2012

A lawyer for Abu Dhabi Investment Authority urged a U.S. judge on Thursday to overturn an arbitration panel’s ruling favoring Citigroup Inc in a dispute over a $7.5 billion investment in Citi during the subprime meltdown.
The Abu Dhabi sovereign wealth fund last year lost the arbitration case, which sought $4 billion in damages from what it said were the fraudulent representations by Citi leading up to the deal. At a hearing in U.S. District Court in Manhattan, a lawyer for the fund said the arbitrators applied the wrong law to come to its decision………………………………………..Full Article: Source

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