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

Citigroup can’t block Abu Dhabi arbitration over $7.5 bln stake

Posted on 26 November 2013

A U.S. judge has rejected Citigroup Inc’s effort to block the Abu Dhabi Investment Authority from seeking a second arbitration over the sovereign wealth fund’s $7.5 billion investment in late 2007 to shore up the then-struggling bank.
U.S. District Judge Kevin Castel in Manhattan said on Monday that arbitrators, not federal judges, had power to decide whether Citigroup’s success in the first arbitration barred the ADIA from pursuing a second arbitration, in which it seeks $2 billion of damages or to rescind its investment………………………………………..Full Article: Source


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