JPMorgan Chase has received a London High Court trial in opposition to Nigeria, through which the nation was in search of $1.7 billion in damages over the US funding financial institution’s function in a disputed 2011 oil deal. 

The financial institution stated the judgement displays its dedication to excessive skilled requirements, whereas Nigeria stated it was disenchanted with the decision and can rigorously assessment the judgement earlier than figuring out its subsequent steps. 

The case pertains to Shell and Eni’s buy of Nigeria’s OPL 245 offshore oilfield, with Nigeria claiming JPMorgan was “grossly negligent” in its switch of funds paid by Shell and Eni to an organization with hyperlinks to Nigeria’s ex-petroleum minister Dan Etete. While Nigeria instructed JPMorgan to make these transfers, the nation now claims that Etete was concerned in a fraudulent scheme, and that JPMorgan branched its Quincecare obligation. This obliges banks to disregard buyer directions if such instruction could assist a fraud in opposition to the shopper. 

However, the London High Court dominated that no Quincecare breach had occurred. 

In an announcement, JPMorgan stated the end result confirmed “how we are prepared to robustly defend our actions and reputation when they are called into question.”

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