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Tuesday, 26 July 2016

Goldman Sachs abused trust in dealings with Libyan LIA, fund's lawyer tells trial | Reuters

Goldman Sachs abused trust in dealings with Libyan LIA, fund's lawyer tells trial | Reuters:

"Goldman Sachs abused its position as a trusted adviser to Libya's sovereign wealth fund, a lawyer for the fund argued on Tuesday, in a case that has subjected the bank's dealings to a forensic degree of scrutiny.

In a trial at London's High Court, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the Wall Street giant in relation to nine disputed trades carried out in 2008, arguing that the trades were secured through "undue influence" and "unconscionable bargaining".

The LIA argues the bank took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments."



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