Goldman Sachs Wins 1 Billion Battle with Libya Sovereign Wealth Fund
Goldman Sachs has won the $1 billion lawsuit lodged by Libyan Investment Authority after a High Court judge in London rejected claims of the undue influence the US bank had used over the wealth fund.
“Libyan Investment Authority alleged that Goldman Sachs pushed the bank into risky trades and while they lost its entire $1.2 billion investment. Goldman Sachs made $200 million in profits. “
~ Financial Times
During the trial, the LIA emphasized on the activities of a Goldman banker named Youssef Kabbaj and the bank’s relationship with the Libyan wealth fund, which had been set up by former dictator Muammer Gaddafi with $65bn of assets. Libyan Investment Authority alleged that Goldman Sachs pushed the bank into risky trades and while they lost its entire $1.2 billion investment. Goldman Sachs made $200 million in profits.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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