JPMorgan Asks U.K. Court to Toss $875 Million Nigerian Lawsuit
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JPMorgan Chase & Co. asked a London court to dismiss a lawsuit brought by the Nigerian government that accuses the bank of failing to prevent $875 million in corrupt payments.
The lender said it got the correct approvals from Nigerian officials before transferring the funds to accounts controlled by a former oil minister who’s been convicted of money laundering, and that the government’s claim has no real prospect of success. After settling a controversial oil deal in 2011, the money was sent to Malabu Oil & Gas Ltd., a firm controlled by Dan Etete.