Goldman Sachs has defended its actions in seeking business from Libya's wealth fund during the Gadhafi regime, according to a report from the Wall Street Journal.
In court documents that the company said its managers weren't "financially illiterate", and understood the risks that accompanied trades they hired the Wall Street firm to execute.
The Libyan Investment Authority (LIA) sued Goldman in January, alleging the firm exerted "undue influence" over the fund's managers and left it saddled with more than $1 billion in losses.
"The LIA, with $65 billion worth of assets to invest and access to numerous professional advisers when it deemed it necessary to engage them, was not dependent on the defendant, nor was it improperly encouraged or influenced by the defendant to enter into the disputed trades," Goldman wrote in the legal document.
(Source: WSJ)
