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Nigerian Government vs. JP Morgan Goes To Trial

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EDITOR NOTE: The difference between Wells Fargo and JP Morgan Chase is that the former was caught screwing its own customers directly while the latter operated crimes at a higher level. Imagine Wells Fargo to be the “Sopranos” of the banking industry while JPM appears more like the Corleone Family. Bad joke aside, JPM’s latest misadventure comes in the form of a $1.7 billion lawsuit filed by the Government of Nigeria concerning an oil deal and money that went into the wrong hands. No surprise here; just another possible chapter in JPM’s ongoing true crime saga.

A lawsuit launched by the Nigerian government against U.S. bank JP Morgan Chase, claiming over $1.7 billion (1.29 billion pounds) for its role in a disputed 2011 oilfield deal, will proceed to trial, London’s high court ruled on Thursday.

The suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell RDsa.L and Eni ENI.MI in 2011, which is the subject of an ongoing trial in Milan.

The six-week London trial will start on the first available date after Nov. 1 next year, meaning that proceedings may not begin until 2022.

JP Morgan declined to comment.

Central to the case is a $1.3 billion payment from Shell and Eni to secure the block that was deposited into a Nigerian government escrow account managed by JP Morgan.

As part of the proceedings, JP Morgan will also have to disclose within 21 days which individuals at the bank made the final decision to transfer the funds in question.

Originally posted on Reuters

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