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

Citigroup arbitration win in $4 bln Abu Dhabi case upheld

Posted on 06 March 2013

A Manhattan federal judge on Monday rejected a bid by the Abu Dhabi Investment Authority to overturn an arbitration panel’s ruling favouring Citigroup Inc. in a dispute over a $7.5 billion investment by the fund in the bank. US District Judge George Daniels rejected arguments that the October 2011 ruling by an American Arbitration Association panel, which reviews international disputes, ignored applicable law and was “fundamentally unfair” by depriving the Abu Dhabi fund of a chance to properly present its case.
The sovereign wealth fund had sought to rescind the November 2007 investment, or recover $4 billion in damages over what it called Citigroup’s fraudulent representations to induce it to invest………………………………………..Full Article: Source


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