Nigeria lawsuit against JP Morgan over oil deal to go to trial: court

FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky/File Photo

LONDON (Reuters) – A lawsuit launched by the Nigerian government against U.S. bank JP Morgan Chase, claiming over $1.7 billion for its role in a disputed 2011 oilfield deal, will proceed to trial, London’s high court ruled on Thursday.

The suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011, which is the subject of an ongoing trial in Milan.

The six-week London trial will start on the first available date after Nov. 1 next year, meaning that proceedings may not begin until 2022.

JP Morgan said it had no comment. A spokesman for Nigeria on this lawsuit did not have an immediate comment.

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