The Libyan Investment Authority’s (LIA) long-running, three-year claim against Socie´te´ Ge´ne´rale (SocGen) came to an end on the eve of a 14-week trial at the beginning of May, with SocGen agreeing to pay U.S.$1.05bn (€963m) to settle the dispute.
The lawsuit dates back to 2006, when Libya was still under the control of Colonel Gaddafi but was opening up to western investment after years of economic sanctions. The LIA was set up with U.S.$67bn from its oil revenues to invest in the international markets, and western banks and other institutions flocked to Libya to advise its fledgling wealth fund on what trades and investments it should make.
