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JPMorgan Fights Bolstered $875M Nigerian Oil Suit

Law360, London (April 12, 2019, 1:13 PM BST) -- JPMorgan has hit back at Nigeria's latest allegations that the financial giant ignored red flags when it transferred more than $875 million in state funds to the account of a former oil minister at the behest of corrupt former government figures.

The U.S. bank and the African nation have been fighting in the High Court for more than a year over payments from a 2011 escrow fund containing $1.3 billion in fees from oil giants, and the bank maintained its April 5 amended defense that its responsibility is still limited by the terms of its agreements with the country's government....

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