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The Paul, Weiss Litigation Department is led by a team of the country’s most accomplished trial lawyers. Our litigators in New York, San Francisco and Washington, D.C. handle the most complex and demanding lawsuits, class actions, government investigations, criminal prosecutions and restructurings. Our clients include Fortune 50 corporations and other prominent companies in the financial services, investment, medical device, pharmaceutical, sports, technology, energy, media and insurance industries. Every day, we are called on by chief executives, board chairs, general counsel, investors and entrepreneurs for our unmatched trial skills, sophisticated business judgment and renowned strategic advice.
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.