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Goldman On The Hook For 200 Of The 1,000 Hours Libya’s Lawyers Spent Parsing One Witness Statement

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A British judge is none too pleased with Lloyd Blankfein, et. al., re: their none-too-serious request of her to junk the Libyan Investment Authority’s lawsuit against it. And for wasting her time and Libya’s money (or, if you believe the accusations that Goldman sold the sovereign wealth fund worthless crap, more of its money), the bank’s gonna have to pony up. Just not as much as Libya would like, because the very same judge isn’t sure that even Gary Cohn’s words warrant this level of textual analysis.

She also noted that the authority’s costs looked excessive and as a result awarded a significantly smaller interim payment, 29 percent of the total $1 million compared with the 60 percent the authority had requested.

In particular, she said she “struggled to see” how the authority spent 1,000 hours on one witness statement.

Goldman Orders to Pay Some Costs in Libya Case [DealBook]


By ACEI Cheung (4Cheungs) from Flickr (Flickr) [CC BY-SA 2.0], via Wikimedia Commons

At Least One Goldman Exec Knew That The Milk It Squeezed Out Of Libya Would Curdle

His verb choice is almost as damning as his email history.


Libya To Goldman Sachs: We're Naive, But You're Mean

Camels and hookers and billion dollar trading losses, oh my.