Britain’s High Court on Friday rejected a $1 billion lawsuit against Goldman Sachs by Libya’s sovereign wealth fund, which accused the investment bank of duping it into risky deals.
The Libyan Investment Authority alleged that Goldman Sachs made hefty profits by taking advantage of the fund’s inexperience to get it to make high-risk derivative trades in the period before the 2008 global financial crisis. Its lawyers said Goldman Sachs made more than $200 million in four months in 2008, while the authority lost the whole of a $1.2 billion investment.
