A federal lawsuit recently filed by Citigroup Global Markets Inc. against a set of Saudi family investors with a $383 million claim against the firm will determine whether that case can proceed to arbitration.
Citigroup's suit is aimed at putting a stop to the arbitration case filed with the Financial Industry Regulatory Authority in August by Abdullah Abbar and Ghazi Abbar, father and son Saudi nationals. In the lawsuit filed last month in Manhattan federal court in the Southern District of New York, Citigroup claims that the Abbars were not clients of the U.S.-based broker-dealer Citigroup Global Markets Inc., which was named in the arbitration the pair filed with FINRA in August.
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