| A federal judge properly refused to enjoin arbitration over Abu Dhabi's $7.5 billion loss during the 2008 financial crisis, despite Citigroup's claims of redundancy, the 2nd Circuit ruled. The Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund, had made its investment back in 2007, taking a 4.9 percent stake in Citigroup, at the time the biggest bank in the United States.
When the financial crisis hit just one year later, American taxpayers bailed Citigroup out three times at a cost of more than $300 billion. As the bank issued preferred shares to other investors after its financial rescue, however, The ADIA's investment was rendered nearly worthless in the process...............................................Full Article: Source
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