Libya Takes Goldman Sachs to Court to Recover $1.2 Billion from a Series of Derivatives Trades | WHAT REALLY HAPPENED

Libya Takes Goldman Sachs to Court to Recover $1.2 Billion from a Series of Derivatives Trades

Libya’s sovereign wealth fund took Goldman Sachs to court in London on Monday to recover $1.2 billion from a series of derivatives trades made during Muammar Gaddafi’s regime.

The Libyan Investment Authority claims that its international inexperience and a relationship of trust with the bank was “exploited” by Goldman Sachs, which disputes the allegations.

The Wall Street bank allegedly made $350 million in up-front profits from the trades, although the deals were rendered worthless for the LIA when they matured in 2011.

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