The Traderszone Network

Published in TZ Latest News 7 October, 2014 by The TZ Newswire Staff

Goldman Sachs ordered to pay Libyan fund’s legal costs

Goldman Sachs has been ordered to pay the Libyan Investment Authority (LIA) 200,000 pounds ($321,820) in legal costs as part of a lawsuit brought by the fund over $1 billion in trades that ended up worthless. The LIA filed the suit against Goldman in London’s High Court in January, alleging the Wall Street investment bank exploited a position of trust by encouraging the fund to invest in a series of equity derivatives trades that expired as worthless in 2011. Goldman has called the case without merit and said that it intends to contest it vigorously.