LIA’s Lawyers Abandon Goldman Lawsuit

London-based firm Enyo Law, which had been acting on behalf of the Libyan Investment Authority (LIA) in its legal battles against Goldman Sachs and Societe Generale (SocGen), has reportedly dropped LIA as a client.

The LIA is claiming $1.2 billion from Goldman and $2.1 billion from SocGen for losses on trades managed by the banks during the Gaddafi era.

According to The Telegraph, the LIA is not believed to have appointed new lawyers, and it is unclear whether the lawsuits will be able to continue.

UPDATE:

Following the article in The Telegraph, the Libyan Investment Authority issued the following statement:

The Libyan Investment Authority (LIA) will pursue the litigations it has against parties in the Commercial and Chancery Courts in London.  The parties are Goldman Sachs and Société Générale. 

“The decision by Enyo Law LLP to come off the record earlier this week will not change this objective.  The LIA is presently finalising arrangements for a new firm to be instructed and to pursue the litigations.

 “The LIA is a sovereign wealth fund. Its principal function is to safeguard and grow sovereign wealth for the benefit of the Libyan people.

(Sources: The Telegraph, LIA)

(Court image via Shutterstock)

One Response to LIA’s Lawyers Abandon Goldman Lawsuit

  1. local May 5, 2015 at 4:10 pm #

    The wolfs as always hunger of more money fraud specially from Libya because of bad investment management, the problems repeatedly occurs itself over and over and the hidden characters are always find their way through to grape more dollars by massive,
    just when the world equilibriums owners awake to stop such bad theft in vision of many world security.
    and when the so called aluminates chairmen respect the existence of human being. When he should realizing the growth of any nation is the growth of his party group. Your way of acting is eliminating the aluminates if so believe their existences. Stop nonsense and look up what you see , your damage is only giving post strength to many nations which you cannot stop any how because I know and you know you are only steering a light problems nothing more, you should instead looking for peace among yourself for the best of world health which I know you do not trust.

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