SocGen Sued in U.K. by Libyan Investment Authority - Bloomberg

SocGen Sued in U.K. by Libyan Investment Authority - Bloomberg:



"Societe Generale SA (GLE), France’s second-largest bank, was sued in the U.K. by the Libyan Investment Authority, after the sovereign-wealth fund sued Goldman Sachs Group Inc. (GS) in January over derivatives trades.



The claims against Societe Generale exceed $1.5 billion and involve derivative transactions that took place from 2007 to 2009, a spokesman for LIA, who asked not to be identified, said in an e-mailed statement. 




The case against Paris-based Societe Generale was filed today in London, according to court records. The records don’t include more information about the case.



In its lawsuit against Goldman Sachs filed Jan. 21 in London, LIA accused the New York-based bank of making about $350 million on “worthless” derivatives trades after exerting “undue influence” on managers of the fund, the second-largest sovereign-wealth fund in Africa."



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