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Friday, 14 October 2016

Libya ruling set to cast fresh light on Goldman practices

Libya ruling set to cast fresh light on Goldman practices:

"Goldman Sachs will find out today whether it has defeated a $1bn lawsuit brought against it by the Libyan Investment Authority in a case that is set to once again shine a spotlight on the US bank’s activities.

The ruling from the UK’s High Court brings to a close a trial in which it was claimed Goldman exploited the LIA’s limited financial experience while its bankers sought to win lucrative business from the sovereign wealth fund by offering its officials lavish corporate hospitality — and in one case procuring prostitutes.

The case revolved around LIA’s claims that it was a fledgling wealth fund that was enticed by Goldman into risky derivative trades from which the bank made $200m in profits but the LIA lost its entire $1.2bn investment. The bank denied the allegation and claimed that the LIA was suffering from a classic case of “buyer’s remorse”.

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