Citigroup Investor's $383M Loss Can't Be Arbitrated

Law360, New York (May 03, 2013, 8:16 PM ET) -- A New York federal judge on Thursday granted Citigroup Inc. an injunction preventing the arbitration of a case brought by a Saudi investor claiming Citigroup and its affiliates wiped out $383 million of his family’s wealth, finding there was no agreement to arbitrate the dispute.

U.S. District Judge Louis L. Stanton ruled that Ghazi Abbar’s bid to arbitrate his claim against Citigroup affiliate Citigroup Global Markets Inc. under the Financial Industry Regulatory Authority fails as he wasn’t a customer of CGMI.

The judge noted the “overwhelming...
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