Citigroup Inc Arbitration Win In Abu Dhabi Case Upheld-Reuters

Reuters reported that A Manhattan federal judge on March 4, 2013 rejected a bid by the Abu Dhabi Investment Authority to overturn an arbitration panel's ruling favoring Citigroup Inc in a dispute over a $7.5 billion investment by the fund in the bank. U.S. 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.