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Court upholds Citigroup arbitration win over Abu Dhabi fund

Feb 20, 2014    

NEW YORK (Reuters) - A U.S. appeals court on Wednesday rejected the Abu Dhabi Investment Authority's effort to void Citigroup Inc's (C.N) arbitration win in a dispute over a $7.5 billion investment in the bank less than a year before the 2008 financial crisis.The 2nd U.S. Circuit Court of Appeals in New York said the sovereign wealth fund did not meet the "high hurdle" of showing that an American Arbitration Association panel demonstrated a "manifest disregard of the law" or exceeded its powers in ruling for Citigroup.The ADIA's November 2007 investment was designed to shor...

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