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

Citi wins Abu Dhabi arbitration challenge

Posted on 05 March 2013

The Abu Dhabi Investment Authority lost its legal challenge to an 2011 arbitration ruling in favor of Citigroup Inc. (C) over the sovereign-wealth fund’s investment during the financial crisis.
Judge George Daniels of the U.S. District Court of the Southern District of New York denied the investment authority’s motion to vacate a ruling from 2011, which had denied Abu Dhabi’s claim for $4 billion in damages resulting from its investment in Citi. Abu Dhabi had invested $7.5 billion in Citi in 2007, just as the financial crisis began to unfold. The authority claimed the investment was made on the basis of fraudulent statements by Citi………………………………………..Full Article: Source


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