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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Goldman Sachs to seek early dismissal of Libya Wealth Fund suit

Posted on 22 April 2014

Goldman Sachs Group Inc. (GS) will seek to have a $1 billion lawsuit by the Libyan Investment Authority thrown out before trial. The bank will ask a London judge to decide whether the case has a realistic chance of success and issue a so-called summary judgment, according to court documents released this week.
Libya’s sovereign wealth fund says Goldman made about $350 million selling investments that turned out to be worthless. The LIA said in a statement it “considers this application to be misconceived and looks forward to full and proper determination of all issues by the English court.”……………………………………….Full Article: Source


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