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Libyan Investment Authority Sues Goldman Sachs in London

The Libyan Investment Authority, the north African nation’s sovereign wealth fund, sued Goldman Sachs Group Inc. in the U.K. over investments worth more than $1 billion.

“Goldman Sachs abused the relationship of trust and confidence with the then newly-formed LIA, being the sovereign wealth fund of the Libyan people,” a spokesman for the fund, who declined to give his name in line with company policy, said in an e-mailed statement today. The fund suffered “significant losses.”