Paul, Weiss secured another major victory for Citigroup Inc. against the Abu Dhabi Investment Authority (ADIA). In 2009, ADIA commenced an arbitration in the International Centre for Dispute Resolution, claiming that Citigroup had fraudulently induced ADIA to invest $7.5 billion in the bank. ADIA sought rescission of the $7.5 billion investment agreement or, alternatively, more than $4 billion in damages. After a month-long hearing in May 2011, the three-person arbitration panel found for Citigroup on all claims. ADIA then brought a petition to vacate the award in New York State Court.

Paul, Weiss secured a victory for its clients, a large independent crude oil and natural gas producer and its insurer, in an arbitration against their reinsurer regarding a dispute arising out of damages suffered at an off-shore oil platform.

Paul, Weiss won an important victory for clients Invar International, Inc. and Talex International, LLC in an ongoing dispute against their joint venture partner, a major Turkish power company. Our clients and the Turkish company have partnered to build the first privately-owned power plants in Russia. Paul, Weiss obtained an injunction in aid of arbitration that orders the respondent to prevent its affiliate from foreclosing on a $780 million project finance loan pending an arbitration in Switzerland. Foreclosure would likely cause our clients to lose their interest in the power plants.