Philip Edey QC of 20 Essex Street is representing the Libyan Investment Authority (LIA) in one of the highest value and most high profile cases set down for trial in the Commercial Court this year, with over USD1 billion at stake and a detailed examination of Goldman Sach's conduct in relation to the LIA.
The LIA has now requested more information on a Goldman Sachs internship awarded to the brother of its then deputy executive director, which it alleges 'improperly influenced' its decision to invest in disputed trades. The LIA is claiming for return of sums paid by them to enter into various derivative contracts with Goldman Sachs on the basis that the bank exerted undue influence over the LIA and/or the trades were unconscionable bargains.
The details were requested in a pre-court hearing and the case is due to be heard at a seven-week trial beginning on 13 June.
The leadership of the LIA is currently being disputed by two rival chairmen, but the litigation against Goldman Sachs is being brought under the auspices of its receiver, BDO.