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Libyan fund loses legal battle with Goldman Sachs

The acrimonious 2 1/2-year wrangle between the Wall Street icon and Libya's sovereign wealth fund ends in London's High Court in a seven-week trial

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The dispute is centred on the US$1.2 billion the LIA paid to Goldman to invest in nine equity derivatives trades, all of which ultimately turned out to be worthless.

London

THE outcome of a 2 1/2-year legal battle between Goldman Sachs and Libya's US$67 billion sovereign fund is a triumph for the Wall Street giant, which was vindicated despite embarrassing revelations about how some of its bankers conducted business.

The London High Court found