Judge Daniels Confirms Citi’s Defeat of $4 Billion Arbitration Claim Brought by Abu Dhabi

Judge Daniels today confirmed a take-nothing arbitration award in Citi’s favor in a case brought by the Abu Dhabi Investment Authority, which invested $7.5 billion in Citi and claimed losses exceeding $4 billion.  Abu Dhabi sought to set aside the award because it claimed the arbitrators wrongly applied New York law (instead of the law of Abu Dhabi), and made two evidentiary errors.  Judge Daniels observed that the arbitration “tribunal listened to 24 witnesses over 16 days of testimony and accepted 5,988 exhibits,” and, in doing so, did not commit misconduct or decide the case in a fundamentally unfair way.