Abu Dhabi Investment Authority wants to rescind an agreement that would force it to buy...

|By:, SA News Editor

Abu Dhabi Investment Authority wants to rescind an agreement that would force it to buy Citigroup (C) stock for more than 8x its current price. The fund, which is seeking more than $4B in damages if the deal goes ahead, has claimed "fraudulent misrepresentations" tied to an agreement to buy $7.5B of common stock. Citi said in a statement the claims have no merit.