03.07.2015 - Libyan Investment Authority’s case against Goldman Sachs and SocGen is back on
Rival factions at the Libyan Investment Authority (LIA) have agreed to give their backing to accountancy firm BDO to manage their case against Goldman Sachs and Societe Generale, getting the lawsuit back on track after a three-month hiatus. The fund sued the two banks for a combined $3.5bn last year over losses it made during the Gaddafi era before Libya’s 2011 uprising. The LIA claims that Goldman and SocGen abused their positions advising the sovereign wealth fund at the time, resulting in deals which lost the fund billions of dollars but gave lucrative payoffs to the banks...............................................Full Article: Source
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