The High Court heard in London has been told that bankers from Goldman Sachs took Libyan Investment Authority (LIA) bosses on a “lavish trip” to Morocco with “heavy drinking and girls”, before selling them financial products they did not understand.
The sovereign wealth fund said it lost $1 billion on the deals, and told the court it believes Goldman Sachs made around $350 million.
In their defence, Goldman Sachs argued that the LIA’s executives included highly experienced banking professionals, and said the disputed trades were not difficult to understand.
The case continues.
(Sources: New York Times, City AM)
(Court image via Shutterstock)