'Whiff' Of Corruption Too Little To Trigger Banks' Fraud Duty
By Richard Crump (June 16, 2022, 12:14 AM BST) -- An English judge has refused to extend the duty bankers owe clients to protect them against fraud in Nigeria's $1.7 billion case against JPMorgan, bucking a recent trend in the courts toward applying a more expansive reading of the requirement.
High Court Judge Sara Cockerill on Tuesday rejected claims that JPMorgan breached its duty of care when it sanctioned $875 million of payments to a company controlled by a former Nigerian oil minister accused of corruption on instructions received from government officials.
The ruling makes clear that the "whiff of corruption" is not enough to trigger the so-called Quincecare duty owed by...
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