JPMorgan Wins $1.7 Billion UK Trial Over Nigeria Transfers
- Judge says Nigerian couldn’t show it had been defrauded
- With hindsight, bank may have done things differently: judge
Photographer: Jonathan Fickies/Bloomberg
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JPMorgan Chase & Co. won a $1.7 billion London court battle with the government of Nigeria over its role in the transfers of hundreds of millions of dollars to a former oil minister accused of corruption.
Nigeria’s government said a contract awarded by one of its predecessors to explore the deep waters off the Gulf of Guinea to Dan Etete was corrupt. But Judge Sara Cockerill ruled Tuesday the Nigerian government couldn’t show that it had been defrauded.