London-based firm Enyo Law, which had been acting on behalf of the Libyan Investment Authority (LIA) in its legal battles against Goldman Sachs and Societe Generale (SocGen), has reportedly dropped LIA as a client.
The LIA is claiming $1.2 billion from Goldman and $2.1 billion from SocGen for losses on trades managed by the banks during the Gaddafi era.
According to The Telegraph, the LIA is not believed to have appointed new lawyers, and it is unclear whether the lawsuits will be able to continue.
Following the article in The Telegraph, the Libyan Investment Authority issued the following statement:
"The Libyan Investment Authority (LIA) will pursue the litigations it has against parties in the Commercial and Chancery Courts in London. The parties are Goldman Sachs and Société Générale.
"The decision by Enyo Law LLP to come off the record earlier this week will not change this objective. The LIA is presently finalising arrangements for a new firm to be instructed and to pursue the litigations.
"The LIA is a sovereign wealth fund. Its principal function is to safeguard and grow sovereign wealth for the benefit of the Libyan people."
(Sources: The Telegraph, LIA)
(Court image via Shutterstock)