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Nigeria files lawsuit against JP Morgan for disputed $1.7 billion oil deal

A London court will on Wednesday begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal.

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JP Morgan Chase & Co. (Photo: Bloomberg)

Reuters London
A London court will on Wednesday begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria, which is also at the centre of ongoing legal action in Milan.
 
In the court documents seen by Reuters, Nigeria alleges JP Morgan was "grossly negligent" in its decision to transfer funds paid by the energy majors into

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First Published: Feb 23 2022 | 8:29 AM IST

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