Goldman vs LIA: derivatives profits were masked, court hears

Prosecution cites Risk article that first described practice of inflating client valuations

Goldman is accused of misleading clients on the profit it was making on derivatives trades

A high-profile court case involving Goldman Sachs and the Libyan Investment Authority (LIA) has heard evidence from two senior traders at the bank about the practice of inflating marks provided to customers on derivatives trades – the subject of a separate whistle-blower’s complaint that was sent to the Securities and Exchange Commission (SEC) in 2014.

The practice – sometimes known as P&L amortisation – was common on certain trades in the late 2000s, Goldman’s traders said, but has since been

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