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JPMorgan Told To Pay Nigeria Legal Fees In $875M Oil Suit

Law360, London (March 8, 2019, 2:45 PM GMT) -- A judge in London ordered JPMorgan Chase Bank on Friday to pay Nigeria £375,000 ($490,000) in legal fees run as the lender unsuccessfully attempted to stop the country's lawsuit over $875 million in public funds the bank transferred to a shell company run by a corrupt former oil minister.

Nigeria was entirely successful in defeating JPMorgan's attempt to strike claims that the bank should have stopped state funds from being released to a shell company controlled by Dan Etete, a convicted money launderer and former minister of oil in the Nigerian government, Andrew Burrows QC said.

Burrows, sitting as a judge at the...

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