Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), has lost a two-and-a-half year battle for compensation from investment bank Goldman Sachs.

The UK High Court found in favor of Goldman on 14 October at the conclusion of a case that began in June having originally been filed in 2014 (MEES 2 September). The LIA claimed compensation of $1.2bn from Goldman Sachs over allegations relating to nine trades executed for the fund in the first four months of 2008 in which the bank earned more than $200mn but the LIA lost the bulk of its investment. (CONTINUED - 302 WORDS)