JPMorgan Urges Court To Strike Out $875M Nigerian Oil Suit

Law360, London (February 4, 2019, 6:27 PM GMT) -- JPMorgan urged a London court on Monday to strike out Nigeria's claim that the U.S. banking giant should have prevented the transfer of more than $800 million in state funds to a shell company run by a corrupt former oil minister.

JPMorgan Chase Bank NA argued at the High Court on Monday that the Federal Republic of Nigeria has no real prospect of success in its suit alleging that the bank breached its duty of care, saying the action should be struck out or dismissed on summary judgment.

The suit alleges that JPMorgan was "grossly negligent" in 2011 and 2013 when it allowed...

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