Nigeria argued that there were enough “red flags” for JP Morgan to have halted the transfers. Nigeria has lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011. In the judgement delivered on Tuesday, the Business and Property Courts of England and Wales Commercial Court said there was no proof that Nigeria was defrauded in the deal. The Nigerian government had sued JP Morgan on the ground of “Quincecare duty”, alleging that the bank “ought to…
Read MoreMalabu: UK Court Dismisses Nigeria’s $1.7bn Claims Against JP Morgan
