| 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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