JPMorgan Chase wins $1.7B U.K. lawsuit over Nigerian oilfield sale

  • JPMorgan Chase (NYSE:JPM) has prevailed in a $1.7B U.K. court case against Nigeria regarding its role in a disputed 2011 oilfield sale, Reuters reported Tuesday.
  • The civil case pertains to Nigeria's sale of offshore OPL 245 oilfield to Royal Dutch Shell (SHEL) (OTCPK:RYDAF) and Eni in 2011. Nigeria had alleged that JPMorgan (JPM) was "grossly negligent" in following instructions from authorized government officials to transfer funds paid by the energy companies into an escrow account to a company closely associated with the country's former oil minister Dan Etete.
  • Nigeria alleged that JPMorgan (JPM) violated its Quincecare duty, which requires banks to disregard a customer's instructions if following them might result in fraud against that customer. The London High Court judge, though, said in a ruling Tuesday that no such breach occurred.
  • Nigeria was seeking in damages the amount of cash sent to Etete's company, Malabu Oil and Gas - ~$875M, plus interest, amounting to more than $1.7B.
  • The license to OPL 245 had been awarded by Nigerian military ruler Sani Abacha in 1998 to a company Etate owned. Later Nigerian administrations challenged the rights to the field for years until an agreement was reached to sell the field to Royal Dutch Shell and Eni .
  • In 2020, Royal Dutch Shell (SHEL) and Eni won dismissal of a $1B bribery lawsuit related to the OPL 245 license.

    Over the current book year the total revenue from the company in New York City will be 129.91 billion USD (consensus estimates). This is slightly more than 2021's revenue of 121.65 billion USD.

    Historical revenues and results JP Morgan Chase plus estimates 2022

    koersdata

    The analysts expect for 2022 a net profit of 34.75 billion USD. For this year the majority of the analysts, consulted by press agency Thomson Reuters, expects a profit per share of 11.68 USD. So the price/earnings-ratio equals 11.56.

    Per share the analysts expect a dividend of 4.02 USD per share. JP Morgan Chase 's dividend yield thus equals 2.98 percent. The average dividend yield of the banks is an attractive 3.22 percent.

    Most recent target prices around 139 USD

    RBC Capital Markets, KBC Securities and Credit Suisse recently provided recommendations for the stock.

    Based on the current number of shares JP Morgan Chase 's market capitalization equals 411.8 billion USD. -17

    At 15.32 the stock trades 0.13 percent higher at 135.04 USD.

    Historical stock prices JP Morgan Chase

    stock prices jpmorganchase

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