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Libyan wealth fund case against SocGen adjourned for second day
May 3, 2017 / 10:39 AM / 7 months ago

Libyan wealth fund case against SocGen adjourned for second day

LONDON, May 3 (Reuters) - The start of a London trial brought by Libya’s $67 billion sovereign wealth fund against French investment bank Societe Generale has been adjourned for a second day, a spokesperson for the Libyan Investment Authority (LIA) said.

No reason was given for the delay and neither side would comment on the possibility of an out-of-court settlement.

The case, which had been expected to run until the end of July, was due to focus on five trades totalling $2.1 billion, executed between 2007 and 2009, before Colonel Muammar Gaddafi was ousted as Libyan leader.

Last summer the LIA lost a high-profile case against Goldman Sachs in which it tried to claw back $1.2 billion from the Wall Street firm in relation to nine equity derivatives investments carried out in 2008.

Reporting by Claire Milhench; Editing by Mark Trevelyan

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