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CITIGROUP GLOBAL MARKETS INC. v. ABBAR

Docket No. 13-2172.

761 F.3d 268 (2014)

CITIGROUP GLOBAL MARKETS INC., Plaintiff-Counter-Defendant-Appellee, v. Ghazi Abdullah ABBAR, as temporary administrator of the estate of Abdullah Mahmoud Abbar, shall be substituted for Decedent, Ajial Leveraged Feeder Holdings Limited, Amatra Leveraged Feeder Holdings, Limited, Amavest Holdings Limited, Gama Investment Holdings Limited, Christine Woodhouse, as temporary administrator of the estate of Abdullah Mahmoud Abbar, shall be substituted for Decedent, Defendants-Counter-Claimants-Appellants. Abdullah Mahmoud Abbar, Defendant-Counter-Claimant.

United States Court of Appeals, Second Circuit.

Decided: August 1, 2014.

Attorney(s) appearing for the Case

William B. Adams, Quinn Emanuel Urquhart & Sullivan, LLP, New York, New York (Cleland B. Welton II, Quinn Emanuel Urquhart & Sullivan, LLP, New York, New York; John G. Rich, Ross B. Intelisano, Rich, Intelisano & Katz, LLP, New York, New York, on the brief), for Appellants.

Scott A. Edelman (Daniel M. Perry, Jed M. Schwartz, Katherine Rhodes Janofsky, on the brief), Milbank, Tweed, Hadley & McCloy LLP, New York, New York, for Appellees.

Jenice Malecki, Malecki Law, New York, New York, for amicus curiae Public Investors Arbitration Bar Association.

Brent J. McIntosh, Sullivan & Cromwell LLP, Washington, DC, for amicus curiae Securities Industry and Financial Markets Association.

Before: JACOBS, CABRANES, and LIVINGSTON, Circuit Judges.

DENNIS JACOBS, Circuit Judge:

Ghazi Abbar, a Saudi businessman who managed Abbar family trusts, lost $383 million invested with a United Kingdom affiliate of Citigroup, Inc. He seeks to arbitrate his grievances under the rules of the Financial Industry Regulatory Authority ("FINRA") against a New York affiliate, which is a FINRA member. The United States District Court for the Southern District of New York (Stanton, J.) permanently enjoined the arbitration on the...

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