A lawyer for Abu Dhabi Investment Authority urged a U.S. judge on Thursday to overturn an arbitration panel's ruling favoring Citigroup in a dispute over a $7.5bn investment in Citi during the subprime meltdown.
Reuters reports that the Abu Dhabi sovereign wealth fund last year lost the arbitration case, which sought $4bn in damages from what it said were the fraudulent representations by Citi leading up to the deal. At a hearing in U.S. District Court in Manhattan, a lawyer for the fund said the arbitrators applied the wrong law to come to its decision.
In the meantime, Bloomberg reports that British tax authorities said they are investigating a list of more than 4,000 British residents who have bank accounts with HSBC in the offshore tax haven of Jersey.
'We have received the data and we are studying it', Jan Marszewski, a spokesman for Her Majesty’s Revenue and Customs, said by telephone Friday. 'Clamping down on those who try to cheat the system through evading taxes and over claiming benefits is a top priority for us'.