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Libyan Investment Authority asks London court to end 3 receiverships

The Libyan Investment Authority has applied to a London court to end three receiverships established in 2015, citing concerns over unnecessary costs, Bloomberg News reported.

The receiverships were set up to help manage lawsuits filed by the sovereign wealth fund in the U.K., including against Société Générale SA, according to the report.

The French bank agreed to pay $1.34 billion in criminal and regulatory penalties for bribing Libyan officials and manipulating the London Interbank Offered Rate, the U.S. Department of Justice said in June.