JPMorgan Faces Lawsuit From Qaddafi's Libyan Investment Fund
- Libyan Investment Authority files lawsuit in London court
- Commerzbank, Credit Suisse could be next to face legal action
The offices of JPMorgan Chase & Co. in London, U.K.
Photographer: Simon Dawson/Bloomberg
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The Libyan Investment Authority filed a lawsuit against JPMorgan Chase & Co. in a London court in what could be the beginning of a flurry of cases against major banks.
The LIA, an oil-wealth fund set up under former Libyan dictator Moammar Qaddafi, filed Friday against JPMorgan and businessman Walid Al-Giahmi. The suit is described as a “commercial fraud” claim in the court docket.