Goldman Special Relationship With LIA Fund Ends in Court - Bloomberg:
"When the Libyan Investment Authority started out in 2007, it had about $60 billion, office space in Tripoli and a lot to learn. Goldman Sachs Group Inc. (GS), keen to do business with the sovereign wealth fund, offered to help.
Goldman Sachs bankers gave LIA staff training at its London office and spent time in Tripoli showing them how to monitor markets. The bank characterized it as a “special trusting type of relationship,” the LIA said in documents in a London lawsuit.
The relationship soured after the fund lost about $1 billion following the 2008 financial crisis. Lawyers for the fund, appearing for the first time at a London court hearing today, say Goldman Sachs abused its role to secure money-losing investment deals."
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