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ADIA challenges Citi victory in $4bn arbitration
- United Arab Emirates: Saturday, November 10 - 2012 at 04:49
A lawyer for Abu Dhabi Investment Authority (ADIA) has urged a US judge to overturn an arbitration panel's ruling favouring Citigroup Inc. in a dispute over a $7.5bn investment in Citi during the subprime meltdown, Reuters has reported. Last year, the emirate's sovereign wealth fund lost the arbitration case, which sought $4bn in damages from what it said were the fraudulent representations by Citi leading up to the deal. The lawyer for the fund said the arbitrators applied the wrong law to come to its decision. "They manifestly disregarded the principles," David Elsberg, a lawyer for the ADIA, said. "You can't simply say they gave them credit for 10 things and us for eight, and so that's a manifest disregard of the law," he said.
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