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Libya loses $1.2 billion claim against Goldman Sachs
[Libya Herald] The Libyan Investment Authority has not ruled out an appeal after a London judge dismissed its $1.2billion claim against Goldman Sachs over the total collapse of high-risk derivatives investmentsIn a 68,000 word judgement, Mrs Justice Rose ruled that the US investment bank had not misled the LIA about the risks involved and had not used undue influence in order to secure deals from which it reaped some $200 million in profits while the LIA lost everything. The case involved nine trades between January and Aril 2008 in which Goldman Sachs structured two investments in the American bank Citigroup, three in Electricite de La Belle France as well as trades in Banco Santander, Allianz, ENI and UniCredit. At the time the global financial markets were going in to meltdown and bank shares were plunging. The court heard that the LIA believed that the markets would recover and that when the trades matured in 2011, prices would have rebounded and the Authority would reap a handsome profit. But instead the shares continued to fall and the positions that Goldman had bought for the LIA became worthless. Posted by: Fred 2016-10-16 |
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