I wouldn't use the term "litz" to describe a braided cable. Such a braid does nothing to ameliorate skin and proximity effect which is the whole raison d'être of litz wire. That's a function of the twisting of the individual wires within the conductors that are used to make up the braid, and the twisting of litz wire does nothing to shield from electromagnetic interference.
For the braid, I have referred to it as "Milloit braid," after Henry Albert Milloit who invented and patented this type of braid for the Perfection Mica Company back in 1960 (see patent no. 2,958,724). It is still made and sold today under their INTER-8 weave trademark.
As a side note, Ray Kimber of Kimber Kable was able to secure a patent on the exact same braid, which they trademarked as Orthogonal GyroQuadratic. However that patent is unenforceable due to the prior art of the Milloit patent (I was the one who broke the bad news to Ray. I hope his patent attorneys gave him a refund).
In any case, the braid does provide more effective self-shielding compared to a twisted pair or twisted quad. However this is only the case when the braid is used for a single channel (i.e. two leads for positive and two leads for negative in the case of a four lead braid). As is typically the case for a headphone cable, the braid is used to handle two channels, so you lose most of the effectiveness of the self-shielding. But then like loudspeaker cable, you really don't need such shielding.
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