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

Abu Dhabi Investment Authority in New York court defeat

Posted on 21 February 2014

Abu Dhabi Investment Authority (Adia) has suffered another setback in its legal battle over its investment in Citigroup. An appeals court in New York on Wednesday dismissed Adia’s attempt to nullify an arbitration award in Citigroup’s favour from October 2011.
Adia had appealed the court’s decision in March not to dismiss the arbitration award. The court’s summary order said that Adia had failed to meet the “high hurdle” of showing that the arbitration panel either exceeded their powers or had showed a “manifest disregard for the law” in ruling in Citigroup’s favour in the arbitration proceedings………………………………………..Full Article: Source


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