NEW YORK, NY – After determining there was no agreement to arbitrate the dispute, a federal judge granted Citigroup, Inc. an injunction preventing the arbitration of a case brought by a Saudi investor who claimed Citigroup and its affiliates wiped out $383 million of his family’s wealth. U.S. District Court Judge Louis L. Stanton ruled that Ghazi Abbar’s bid, under the Financial Industry Regulatory Authority, to arbitrate his claim against Citigroup affiliate Citigroup Global Markets, Inc. failed, as Mr. Abbar was not a customer of CGMI.
Partners Scott A. Edelman and Daniel M. Perry along with associate Jed Schwartz (Milbank) represented Citigroup. Impact Trial’s team was comprised of Thomas S.Y. Lee, Kerry Cashman, Randall E. Carter and Clinton Lam, each of whom worked closely with the defense team to provide invaluable litigation graphics and trial technology consulting and support leading up to and throughout the emergency hearing.
Citigroup Global Markets, Inc. v. Abbar et al., 1:11-CV-06993, U.S. District Court – Southern District of New York.