The Libyan Investment Authority filed a lawsuit against JPMorgan Chase in a London court in what could be the beginning of a flurry of cases against major banks.
The LIA, an oil-wealth fund set up under former Libyan leader Moammar Qaddafi, filed Friday against JPMorgan and businessman Walid Al-Giahmi. The suit is described as a “commercial fraud” claim in the court docket.
While the lawsuit documents haven’t been made available, it likely relates to transactions with Bear Stearns, which JPMorgan bought in 2008, after a judge last year granted permission for LIA to apply to see paperwork.
A spokeswoman for JPMorgan declined to comment. George Prassas, a spokesman for LIA, confirmed the filing. Lawyers for the Libyan fund didn’t immediately respond to a request for comment.
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[ Shell, BP to buy Libyan oil amid increase in supply ]
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Three more banks also may come into LIA’s firing line. The fund was granted permission in November 2017 to see documents disclosed in a settled dispute with Societe Generale. The LIA wanted to use documents from that case to consider claims against JPMorgan, Commerzbank, Credit Suisse and BNP Paribas. The case against Commerzbank would likely relate to Dresdner Bank, which Commerzbank took over in 2009.
SocGen paid nearly 1 billion euros ($1.2 billion) in May to settle a lawsuit over claims the bank paid a bribe to Mr Giahmi to arrange deals. The Libyans say Mr Giahmi may have acted “in the same way” on five sets of transactions involving other lenders, according to filings.
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
UAE currency: the story behind the money in your pockets
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
Brief scoreline:
Liverpool 5
Keita 1', Mane 23', 66', Salah 45'+1, 83'
Huddersfield 0
Match info
UAE v Bolivia, Friday, 6.25pm, Maktoum bin Rashid Stadium, Dubai
THE STRANGERS' CASE
Director: Brandt Andersen
Starring: Omar Sy, Jason Beghe, Angeliki Papoulia
Rating: 4/5
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
