JPMorgan Can't Escape $875M Nigerian Negligence Suit

Law360, London (October 8, 2019, 2:58 PM BST) -- A London appeals court has refused to let JPMorgan avoid Nigeria's negligence suit over $875 million in public funds transferred to a corrupt former oil minister, ruling on Tuesday that the customer agreement did not exempt the bank from a duty to stop plausibly fraudulent transactions.

Nigeria has claimed that JPMorgan should have prevented $875.7 million from being released to a shell company controlled by a convicted money launderer and former oil minister in the country. (AP) The Court of Appeal upheld a lower court's decision that refused to strike out the Federal Republic of Nigeria’s claims that JPMorgan Chase Bank NA was...

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