Libyan Investment Authority files lawsuit in London court against JPMorgan Chase Bank for fraud

Libyan Investment Authority files lawsuit in London court against JPMorgan Chase Bank for fraud (Photo: Internet)

Libya’s sovereign wealth fund has filed a lawsuit against JPMorgan Chase in a London court, a spokesman for the Libyan Investment Authority (LIA) said on Monday.

Details of the lawsuit were not disclosed and a spokeswoman for JPMorgan declined to comment.

The LIA has previously brought lawsuits against two other investment banks in London courts, relating to trades carried out during the rule of Muammar Gaddafi.

 In 2016 the fund lost its legal battle against Goldman Sachs after a seven-week trial relating to nine equity derivatives trades.
Yet, in May 2017 Societe Generale agreed to pay the LIA nearly 1 billion euros ($1.2 billion) to settle a long-running dispute.
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