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

Goldman to face Libya’s sovereign wealth fund in court over trades

Posted on 20 August 2014

Goldman Sachs and Libya’s sovereign wealth fund are set to meet in a London court over claims the Wall Street bank exploited a position of trust by encouraging the fund to invest more than $1 billion in trades that ended up worthless.
Goldman had filed a summary judgment application - a request to decide a claim without going to trial - in the case brought by the Libyan Investment Authority (LIA) in January, but has recently withdrawn it, the LIA said in a statement. “Following the serving of the LIA’s reply evidence, Goldman Sachs has withdrawn its summary judgment application,” the LIA said………………………………………..Full Article: Source


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