Goldman Sachs withdrew its request for a summary judgment on the lawsuit it faces in London's High Court for its dealings with a Libyan investment fund, setting the stage for a trial.

The Libyan Investment Authority, which sued the Wall Street firm in January alleging the firm exerted "undue influence" over the fund's managers and left it saddled with money-losing trades, said Tuesday that Goldman had pulled its application to avoid trial "following the serving of the LIA's reply evidence."