WSJ – An emerging markets hedge fund affiliated to Citigroup (C) has sued Goldman Sachs (GS) for its alleged failure to uphold its part of a trade involving Venezuelan oil warrants.
Emerging Markets Special Opportunities Ltd, a hedge fund managed by Citigroup affiliate EMSO Partners, claims that over a three-year period Goldman failed to deliver oil warrants it had paid for.
In documents filed at the High Court in London in July 2009, EMSO claimed Goldman “simply refused to deliver the Venezuelan oil warrants because to do so would have reduced or negated Goldman Sachs International’s profit on the trade”.
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