Enyo exits Goldman Sachs litigation as Libyan wealth fund looks for new adviser
Libyan Investment Authority says it will still pursue actions against Goldman and Societe Generale after Enyo departure
April 30, 2015 at 06:57 AM
2 minute read
The Libyan Investment Authority (LIA) is set to appoint a new law firm to fight its legal action against Goldman Sachs and Societe Generale after Enyo, the litigation boutique that was bringing the action, left the case.
The LIA had instructed Enyo to fight two separate cases in the London courts against the two banks. The claims both relate to the banks' roles in managing trades that incurred heavy losses for the sovereign wealth fund.
However, as of this week Enyo is no longer acting for the LIA and the sovereign wealth fund is now in the process of appointing a new firm to the case.
In a statement the LIA said: "[The LIA] will pursue the litigations it has against parties in the commercial and chancery courts in London. The parties are Goldman Sachs and Societe Generale. The decision by Enyo to come off the record earlier this week will not change this objective."
Enyo's team on the Goldman Sachs case was led by partner Simon Twigden with support from partner Edward Allen.
The firm declined to comment on the case.
In a witness statement last year, former Allen & Overy associate Catherine McDougall claimed that Goldman Sachs exploited the trust and confidence of the LIA to sell it more than a billion dollars' worth of complex derivatives, tricking the sovereign wealth fund into risky investments that ended up being heavily loss-making.
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