Nigeria Loses $1.7B Negligence Suit Against JPMorgan

By Richard Crump (June 14, 2022, 11:05 AM BST) -- Nigeria on Tuesday lost its $1.7 billion claim accusing JPMorgan of negligently transferring hundreds of millions of state funds from an oil deal to the country's former oil minister, after a judge held the country failed to prove it had been defrauded.

The High Court has dismissed Nigeria's lawsuit, finding that JPMorgan Chase hadn't breached its duty to protect its client from fraud and the country failed to prove the payments were the result of bribes. (Chris Ratcliffe/Bloomberg via Getty Images) High Court Judge Sara Cockerill rejected the Federal Republic of Nigeria suit against JPMorgan over the bank's decision to release...

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