April 9, 2018 / 11:53 AM / 15 days ago

Libyan sovereign wealth fund files lawsuit against JPMorgan Chase

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

FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, U.S., September 19, 2013. REUTERS/Mike Segar/File Photo

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 (GS.N) after a seven-week trial relating to nine equity derivatives trades.

    But in May 2017 Societe Generale (SOGN.PA) agreed to pay the LIA nearly 1 billion euros ($1.2 billion) to settle a long-running dispute.

    Reporting by Claire Milhench; Editing by David Goodman

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