LIA claims $1.2bn from Goldman Sachs

By John Lee.

The court case in which the Libyan Investment Authority (LIA) is seeking damages from Goldman Sachs commenced in London on Monday.

The $67-billion sovereign wealth fund is seeking damages of $1.2 billion from the investment company in relation to derivative trades executed in 2008.

Goldman Sachs has been accused of using vacations and hired prostitutes to influence officials at the LIA to make risky trades; the company says the claims are without merit, and that it will continue to defend them vigorously.

The case is scheduled to run for seven weeks.

The LIA is also pursuing French investment bank Societe Generale (SocGen) for $2.1 billion in relation to another set of trades -- that case is expected to come to trial in January.

(Sources: BBC News, Reuters, Bloomberg)

(Court image via Shutterstock)

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