Libyan Investment Authority Sues Societe Generale in UK Courts
Societe Generale SA is being sued by the Libyan Investment Authority (LIA), Libya’s sovereign wealth fund, in the United Kingdom. The claims against Societe Generale involve derivative transactions taken place between 2007 to 2009, relating to an amount above US$ 1.5 billion. According to an LIA report, the Societe Generale trade was one of the worst performing “structured deals” sold to the LIA by European banks.
These derivative transactions generated lucrative fees for the large banks. In late January 2014, the LIA filed a lawsuit against Goldman Sachs.
The case is The Libyan Investment Authority v. Societe Generale S.A, 14-260, High Court of Justice Queens Bench Division, Commercial Court.
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