{"id":5978,"date":"2016-06-13T00:00:00","date_gmt":"2016-06-13T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/06\/libyan_fund_accuses_goldman_sa"},"modified":"2022-05-18T14:47:24","modified_gmt":"2022-05-18T19:47:24","slug":"libyan-fund-accuses-goldman-sa","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/libyan-fund-accuses-goldman-sa\/","title":{"rendered":"Libyan Fund Accuses Goldman Sachs of Financial Exploitation"},"content":{"rendered":"

In the High Court in London, the trial in the lawsuit brought by the Libyan Investment Authority (LIA) against Goldman Sachs (GS) is under way. The sovereign wealth fund claims that in 2008 the Wall Street bank misled it about a number of derivatives transactions, causing it to lose $1.2B when the contracts matured five years ago. The transactions are tied to Citigroup (C) <\/a>stock and other companies’ stmck.<\/p>\n

Court filings state that LIA had wanted to buy stakes in global companies that it could potentially partner up with in the future for development. The sovereign wealth fund was set up in 2006 to manage money from the country\u2019s oil fields after Libya was taken off the U.S. government\u2019s list of states that were considered terrorist sponsors.<\/p>\n

Goldman made over $200M on the transactions. Meantime, the Libyan fund lost its investment when the economic crisis caused stock prices to drop.<\/p>\n

Goldman disputes the allegations made by the Libyan Investment Authority, which claims that it was an unsophisticated investor that the firm took advantage of, persuading it to invest in transactions that it didn\u2019t want or understand. In court, a lawyer for the sovereign wealth fund accused Goldman of using gifts, trips to Morocco, London, and Dubai, training programs, and an internship for the brother of the deputy executive officer of the fund to get the fund to invest.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the High Court in London, the trial in the lawsuit brought by the Libyan Investment Authority (LIA) against Goldman Sachs (GS) is under way. The sovereign wealth fund claims that in 2008 the Wall Street bank misled it about a number of derivatives transactions, causing it to lose $1.2B when the contracts matured five […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3947],"tags":[],"class_list":["post-5978","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs"],"yoast_head":"\nLibyan Fund Accuses Goldman Sachs of Financial Exploitation — Investor Lawyers Blog — June 13, 2016<\/title>\n<meta name=\"description\" content=\"In the High Court in London, the trial in the lawsuit brought by the Libyan Investment Authority (LIA) against Goldman Sachs (GS) is under way. 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