Goldman Sachs ordered to pay Libyan legal costs

Goldman Sachs has been ordered to pay Libya’s sovereign wealth fund legal costs worth hundreds of thousands of pounds after making a U-turn on its efforts to throw out a $1.2bn lawsuit.

In an early victory for the Libyan Investment Authority (LIA), the UK’s High Court on Tuesday ordered that the Wall Street bank pay indemnity costs of at least £200,000 within 14 days.

The LIA is suing Goldman Sachs in London, claiming that executives at the bank fooled Libyan officials into making investments that they did not understand during the Gaddafi era, while making huge profits along the way.

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