SocGen sued by Libyan Investment Authority

Societe Generale was sued in the U.K. by the Libyan Investment Authority, after the sovereign-wealth fund sued Goldman Sachs in January over derivatives trades.

Bloomberg reports that the claims against Societe Generale exceed $1.5bn and involve derivative transactions that took place from 2007 to 2009, a spokesman for LIA, who asked not to be identified, said in a statement.

The case against Societe Generale was filed today in London, according to court records. The records don’t include more information about the case.

In its lawsuit against Goldman Sachs filed January 21st in London, LIA accused the bank of making about $350m on “worthless” derivatives trades after exerting “undue influence” on managers of the fund, the second-largest sovereign-wealth fund in Africa.

LIA said in court documents that its executives, who were given gifts of chocolate and after-shave by the bank, never understood the transactions.

To access the complete Bloomberg article hit the link below

SocGen Sued in U.K. by Libyan Investment Authority 

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image: © Lisamarie Babik

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