Delayed Nyse  -  04:00 2022-08-09 pm EDT
115.38 USD   +0.90%
08/09J.P. Morgan Asset Management Launches JPMorgan Active Growth ETF (JGRO)
08/09Delta, Citizens Trust Bank continue to build financial mobility in Atlanta's underserved communities
08/08JPMORGAN : Credit Suisse reiterates its Buy rating
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

JP Morgan beats Nigeria in $1.7bn High Court fight

06/15/2022 | 01:21am EDT

A HIGH Court judge has ruled in favour of JP Morgan and dismissed Nigeria's $1.7bn (£1.4bn) lawsuit against the bank over claims it acted negligently by transferring $875m to a bank account linked to convicted money launderer and former Nigerian oil minister Dan Etete.

The ruling comes after Nigeria first sued JP Morgan in 2017 over claims the bank breached its duties by transferring millions to a company controlled by the former oil minister during a long running dispute over the ownership of Nigeria's OPL 245 offshore oilfield.

The lawsuit alleged that JP Morgan had been "grossly negligent" in sending the money to the account controlled by Etete's own company, Malabu Oil and Gas, despite "red flags" around the transaction.

Specifically, Nigeria claimed JP Morgan breached its Quincecare duty, which requires the bank to ignore customers instructions if those instructions are likely to result in fraud.

The lawsuit said Nigeria had been a victim of fraud, as it alleged the funds were later siphoned off to Etete's "cronies"

after being paid into Malabu's accounts through three separate transactions between 2011 and 2013.

However, High Court judge Justice Sara Cockerill yesterday dismissed Nigeria's claim, as she ruled the country had failed to prove any fraudulent activity had actually taken place.

The payments came after oil majors Eni and Shell struck a deal to buy the OPL 245 oilfield for $1.3bn in 2011. Last year, a Milan court cleared both firms and their senior executives of any wrongdoing through their involvement in the sale of the Nigerian resource.

A JP Morgan spokesperson said: "This judgment reflects our commitment to acting with high professional standards in every country we operate in, and how we are prepared to robustly defend our actions and reputation when they are called into question."

A spokesperson for the Federal Republic of Nigeria said it was "naturally disappointed" by the judgement and said it will be "reviewing it carefully before considering next steps".

Spotlight on Corruption researcher Helen Taylor said the verdict is a "huge setback in the fight against corruption".

(c) 2022 City A.M., source Newspaper

All news about JPMORGAN CHASE & CO.
08/09J.P. Morgan Asset Management Launches JPMorgan Active Growth ETF (JGRO)
08/09Delta, Citizens Trust Bank continue to build financial mobility in Atlanta's underserve..
08/08JPMORGAN : Credit Suisse reiterates its Buy rating
08/05JPMorgan Chase to Present at the Barclays Global Financial Services Conference
08/05JPMORGAN CHASE : to Present at the Barclays Global Financial Services Conference
08/04What the other papers say this morning
08/03JPMorgan Chase Files Form 10-Q for the Quarter Ended June 30, 2022
08/02J.P. Morgan Builds Out Secondaries Capabilities with Senior Private Credit, Private Equ..
08/02Mistras Secures $315 Million Credit Facility
08/01J.P. Morgan Asset Management Commits $1 Million to Support Economic Opportunity for Und..
More news
Analyst Recommendations on JPMORGAN CHASE & CO.
More recommendations
Financials (USD)
Sales 2022 127 B - -
Net income 2022 32 752 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,3x
Yield 2022 3,50%
Capitalization 338 B 338 B -
Capi. / Sales 2022 2,67x
Capi. / Sales 2023 2,47x
Nbr of Employees 278 494
Free-Float 70,8%
Duration : Period :
JPMorgan Chase & Co. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends JPMORGAN CHASE & CO.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 115,38 $
Average target price 138,65 $
Spread / Average Target 20,2%
EPS Revisions
Managers and Directors
James Dimon Director
Daniel E. Pinto President & Chief Operating Officer
Jeremy Barnum Chief Financial Officer & Executive VP
Lori A. Beer Global Chief Information Officer
Rohan Amin Chief Information Security Officer
Sector and Competitors