Goldman Sachs to Seek Early Dismissal of Libya Wealth Fund Suit - Bloomberg

Goldman Sachs to Seek Early Dismissal of Libya Wealth Fund Suit - Bloomberg:



"Goldman Sachs Group Inc. (GS) will seek to have a $1 billion lawsuit by the Libyan Investment Authority thrown out before trial.



The bank will ask a London judge to decide whether the case has a realistic chance of success and issue a so-called summary judgment, according to court documents released this week. Libya’s sovereign wealth fund says Goldman made about $350 million selling investments that turned out to be worthless.



The LIA said in a statement it “considers this application to be misconceived and looks forward to full and proper determination of all issues by the English court.”



Libya’s sovereign wealth fund is one of dozens of small companies and government agencies that have sued lenders over deals the investors claim were too complicated to understand. It also sued Societe Generale SA (GLE) in a $1.5 billion lawsuit, saying that the French bank paid about $58 million to a friend of the Qaddafi family to secure investments."



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