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Goldman Sachs Sued For $1 Billion

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Goldman Sachs sued for $1 billion by Libya wealth fund

Published: Friday, 31 Jan 2014 | 9:06 AM ET

By: Matt Clinch | Assistant Producer

Global investment bank Goldman Sachs stands accused of deliberately exploiting the sovereign wealth fund of Libya in order to make "substantial" profits of $350 million, according to a legal filing with London's high court seen by CNBC.

The Libyan Investment Authority (LIA), set up in 2006 to manage the country's oil wealth, claims that the bank knew of the fund's lack of financial expertise but encouraged it to enter a number of complex financial derivative transactions earning Goldman Sachs a "very large" premium.

A spokesperson for Goldman Sachs told CNBC that the claims were "without merit" and that it would defend them vigorously.

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