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Libyan fund alleges Goldman took advantage of its inexperience

Lawsuit claims the bank exerted ‘undue influence’ over officials at the sovereign wealth fund

Libyan fund says Wall Street bank took advantage of its inexperience
Libyan fund says Wall Street bank took advantage of its inexperience

Libya’s sovereign wealth fund, in a long-awaited trial that started on June 13, alleged Goldman Sachs took advantage of its lack of financial sophistication to draw it into losing trades.

Emails in the case show Goldman executives saying that the Libyan fund had little experience in finance. "They are very unsophisticated - and anyone could 'rape' them," one executive wrote in 2008.

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