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Second Circuit Affirms Confirmation of Arbitral Award for Citigroup
- Client News
- February 19, 2014
Paul, Weiss achieved a victory for Citigroup when the Second Circuit United States Court of Appeals affirmed a judgment confirming an arbitral award in favor of Citigroup issued by the American Arbitration Association's International Centre for Dispute Resolution (ICDR).
The arbitration proceeding was initiated in December 2009 by the
Abu Dhabi Investment Authority (ADIA) and arose out of ADIA's $7.5
billion investment in Citigroup in
November 2007. ADIA alleged various common law claims and sought
rescission of the parties' contract or, alternatively, more than $4
billion in damages. In May 2011, the panel convened a four-week
evidentiary hearing. In October 2011, the panel issued a unanimous
84-page award in which it rejected each of ADIA's claims on
multiple, independent grounds. ADIA thereafter filed a petition to
vacate the panel's award. The District Court rejected ADIA's
petition and confirmed the award. ADIA appealed. The Second Circuit
affirmed the District Court's ruling.
The Paul, Weiss team included litigation partners Leslie Fagen, Brad Karp, Jay Cohen, Bruce Birenboim, Daniel Toal and Susanna Buergel.