Libyan Sovereign Fund Sues Goldman Sachs

tripoliThe Libyan Investment Authority (LIA) has filed a lawsuit against Goldman Sachs Group Inc. in London’s High Court of Justice.

After the financial crisis, the LIA lost billions investing in structured credit and other complex security transactions. In regard to Goldman-related deals, the LIA lost approximately 98% of a US$ 1.3 billion bet on option contracts on a basket of currencies and six stocks. These contracts were set up between January 2008 till June 2008. The freezing of the credit markets and the fall of Lehman Brothers negatively affected the investment with Goldman.

When the deal soured in 2008, Zarti was angry and threatened Goldman employees.

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