A dispute between Libya's $67bn sovereign wealth fund and Goldman Sachs over advice given on trades made in 2008 will be back in London's High Court on May 5, with amended court papers that emerged on Wednesday adding new details.
Reuters reports that in the ongoing litigation, the Libyan Investment Authority (LIA) alleges the Wall Street bank advised the fund to invest some $1bn in nine trades that it claims were unsuitable and ultimately worthless.
At the time, Libya was still headed by Colonel Muammar Gaddafi, who was overthrown in 2011. The leadership of the LIA is currently being disputed by two rival chairmen.
Goldman Sachs has rejected the LIA's allegations and is contesting the case. It maintains that its relationship with the LIA was at all "material times an arm's length one" between banker and client.
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