Sunday 08, April 2018 by Jessica Combes

Qaddafi's Libyan Investment Fund files lawsuit against JPMorgan

 

The Libyan Investment Authority (LIA) filed a lawsuit against JPMorgan Chase & Co. in a London court in what could be the beginning of a number of cases against several banks.

The LIA, an oil-wealth fund set up under former Libyan dictator Moammar Qaddafi, filed Friday against JPMorgan and businessman Walid Al-Giahmi’ the suit is described as a commercial fraud claim in the court docket, according to Bloomberg.

A spokeswoman for JPMorgan declined to comment; a spokesman for LIA confirmed the filing.

According to Bloomberg, three more banks could face legal action. In November last year the fund was granted permission to see documents disclosed in a settled dispute with Societe Generale SA. The LIA wanted to use documents from that case to consider claims against JPMorgan, Commerzbank, Credit Suisse Group AG and BNP Paribas SA. The case against Commerzbank would likely relate to Dresdner Bank, which Commerzbank took over in 2009.

SocGen paid nearly EUR 1 billion euros in May to settle a lawsuit over claims the bank paid a bribe to Giahmi to arrange deals and the Libyans have asserted that Giahmi may have acted “in the same way” on five sets of transactions involving other lenders, according to filings.

The case is The Libyan Investment Authority v. JPMorgan Chase & Co & Others, High Court of Justice, Business and Property Courts, Case No. CL-2018-000228.

  

Features & Analyses