HALISTER: Goldman Sachs Wins Libya Fund Lawsuit, London Judge Says

Goldman Sachs Wins Libya Fund Lawsuit, London Judge Says

Kit Chellel (Bloomberg) -- Goldman Sachs won a lawsuit brought by the Libyan Investment Authority over trading losses, a London judge said issuing her decision in the $1.2 billion case.
  • Judge Vivien Rose issues ruling in London Friday
  • Libya argued that Goldman Sachs crossed the line in befriending and entertaining young LIA officials
  • Lawsuit sought to get back all of the $1.2 billion the fund lost in 2008 derivative trades linked to Citigroup Inc. and other stocks
  • Goldman Sachs argued that it was “utterly unreal” to suggest the bank had a duty to safeguard the Libyan wealth fund’s interests while selling it billion-dollar investment deals
  • SEE: Goldman ‘Crossed the Line’ in Libya, LIA Says as Trial Nears End NSN OAX9II6S972H
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
GS US (Goldman Sachs Group Inc/The)
3399249Z LY (Libyan Investment Authority)

Topics
Civil Procedure

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