Law360, London (November 17, 2020, 7:50 PM GMT) — Nigeria has bolstered its $875 million London lawsuit against JPMorgan with new allegations the bank was “grossly negligent” when it purportedly ignored red flags and transferred state funds to its former oil minister, a convicted fraudster.
Despite being aware of potential corruption, banking officials transferred funds to a company controlled by Dan Etete, a convicted money launderer and former oil minister, lawyers for the Federal Republic of Nigeria said.
In a Nov. 6 update to the High Court lawsuit, lawyers for the Nigerian government said JPMorgan Chase NA bankers cleared the payments without understanding Etete’s interest in the funds, and without…
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