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Wednesday, 29 March 2017

Abu Dhabi fund loses crisis-related arbitration against Citigroup | Reuters

Abu Dhabi fund loses crisis-related arbitration against Citigroup | Reuters:

"Citigroup Inc (C.N) has prevailed in the latest arbitration pursued by Abu Dhabi Investment Authority over the sovereign wealth fund's $7.5 billion investment in 2007 to shore up the then-struggling bank during the subprime mortgage meltdown.

Abu Dhabi Investment Authority said on Wednesday it was disappointed by the outcome of the arbitration.

Documents in the case were unsealed on March 20 in Manhattan federal court, where Citigroup filed a petition earlier in the month to have a federal judge confirm a decision an arbitration panel issued in December."



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