BDO Appointed as Receiver, LIA’s Lawsuit Moves Forward

The two high profile lawsuits against Goldman Sachs and Société Générale are moving forward after a U.K. justice rule than an interim receiver can represent the Libyan Investment Authority (LIA). The LIA has a combined US$ 3.5 billion lawsuit against the two investment banks which stem from the Gaddafi era. Justice Julian Flaux of the U.K. High Court of Justice approved the application by the sovereign fund on July 2, 2015 to appoint accountancy firm BDO to handle the litigation. Enyo Law LLP is highly expected to rejoin the case. An argument between two leadership factions at the wealth fund led LIA’s law firm Enyo Law LLP to step down from the case. Enyo Law was receiving contradictory demands from each side.

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