26.11.2014 - Goldman Ordered by Judge to Disclose Profits on Libya Trades
Legal woes continue to trouble The Goldman Sachs Group, Inc. The Wall Street banking giant has been ordered by a High Court judge in London to disclose the amount of profit it derived from nine complex derivatives trades associated with the $1 billion lawsuit filed against the bank by the Libyan Investment Authority (LIA). LIA, a sovereign wealth fund, filed a lawsuit in Jan 2014, pertaining to Goldman’s dealings with the LIA in the earlier part of 2008, which led to significant losses for LIA. At a London court hearing on Monday, Judge Vivien Rose asked Goldman to reveal its margin, profit and loss on the trades, starting from the day those were booked as well as a month later. The bank is also ordered to reveal how the profits were calculated and the amount of reserves it set aside for each trade......................................Full Article: Source