2nd Circuit Court of Appeals Rejects ADIA’s Bid Against Citi
The Abu Dhabi Investment Authority (ADIA) is running out of legal options in their attempt to recover the US$ 7.5 billion investment in Citigroup made in 2007.
On February 19, 2014, the 2nd U.S. Circuit Court of Appeals in New York denied ADIA’s bid to void Citigroup’s arbitration. The court stated ADIA failed to meet the high hurdle of demonstrating that an arbitration panel behaved in a “manifest disregard of the law” or overstepped its powers in ruling for Citigroup.
In an unsigned order, the 2nd Circuit Court of Appeals said, “Awards are vacated for manifest disregard only in those exceedingly rare instances in which some egregious impropriety on the part of the arbitrator is apparent.”
A spokeswoman from Citigroup said the bank was pleased with the decision.
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