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Goldman had filed a summary judgment application
- a request to decide a claim without going to trial - in the
case brought by the Libyan Investment Authority (LIA) in
January, but has recently withdrawn it, the LIA said in a
statement.
"Following the serving of the LIA's reply evidence, Goldman
Sachs has withdrawn its summary judgment application," the LIA
said.
A case management hearing has now been scheduled for early
October.
Goldman did not immediately respond to requests for comment. A
spokesperson previously described the claims as without merit
and said the bank would defend them vigorously.
The LIA brought a lawsuit to London's High Court over a series
of equity trades executed between January and April 2008 that
expired as worthless in 2011.
The fund, which became a Goldman client in 2007, alleges that
the bank deliberately exploited the relationship of trust and
confidence it had established with LIA staff, causing the fund
to enter into the disputed trades.
The LIA estimates that Goldman made substantial profit of around
$350 million on the trades, while it was left with "colossal"
losses.
(Reporting by Clare Hutchison, editing by David Evans)
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