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US court upholds ADIA, Citigroup arbitration ruling
- United Arab Emirates: Wednesday, March 06 - 2013 at 04:50
A US federal judge has rejected a bid by the Abu Dhabi Investment Authority (Adia) to overturn an arbitration panel's ruling favouring Citigroup Inc. in a dispute over a $7.5bn investment by the fund in the bank, Reuters has reported. The sovereign wealth fund had sought to rescind the November 2007 investment, or recover $4bn in damages over what it called Citigroup's fraudulent representations to induce it to invest. The judge 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. He said the three-person arbitration panel neither was "guilty of misconduct" nor acted in "manifest disregard" of the law, citing standards of proof he said could justify throwing out an award under the Federal Arbitration Act.
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