Libya: Goldman Sachs sued over loss

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GOLDMAN Sachs and Libya’s sovereign wealth fund are set to meet in a London court over claims the Wall Street bank exploited a position of trust by encouraging the fund to invest more than $1 billion (R10.6bn) in trades that ended up worthless. Goldman Sachs had filed a summary judgment application – a request to decide a claim without going to trial – in the case brought by the Libyan Investment Authority (LIA) in January, but had withdrawn it after the LIA served reply evidence, the LIA said. A case management hearing has been scheduled for early October. A Goldman Sachs spokesperson previously described the claims as without merit and said the bank would defend them vigorously. – Reuters

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