Stay Of Arbitration Upheld In VCG-Citigroup CDS Suit

Law360, New York (June 2, 2009, 12:00 AM EDT) -- Citigroup Global Markets Inc. has pulled ahead in a battle over credit default swaps with hedge fund VCG Special Opportunities Master Fund Ltd., now that a federal court has upheld a ruling to stay arbitration between the two pending a court decision.

Arbitration by the Financial Industry Regulatory Authority will not proceed without the court's say-so, Judge Barbara Jones of the U.S. District Court for the Southern District of New York said in a ruling Friday. The arbitration proceedings are a last chance for VCG to...
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