THE FEDERAL REPUBLIC OF NIGERIA v JP MORGAN CHASE NA

THE FEDERAL REPUBLIC OF NIGERIA v JP MORGAN CHASE NA

Permission to appeal is refused as neither ground advanced by the Claimant has a real prospect of success, either on law or facts. The indemnity clause is apt to cover the present situation but does not mandate indemnity costs; costs are awarded to the Defendant on the standard basis. Issues-based costs orders are not appropriate due to the entanglement of issues. A payment on account of costs is ordered at £9 million, to be paid within 28 days.

Parties
Claimant: The Federal Republic of Nigeria; Defendant: JP Morgan Chase NA
Jurisdiction
England and Wales
Judgment Date
04 July 2022
Procedural Posture
Civil Commercial / Judgment on Permission to Appeal, Costs, and Payment on Account
Outcome
Permission to appeal refused; costs awarded to Defendant on standard basis; payment on account ordered.
Legal Topics
Indemnity Clauses, Costs Orders, Permission to Appeal, Gross Negligence, Fraud
Banking Law Contract Law Civil Procedure Indemnity Clauses Costs Orders Permission to Appeal Gross Negligence Fraud

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Parties

The Federal Republic of Nigeria

Claimant

JP Morgan Chase NA

Defendant

Procedural Posture

Civil Commercial / Judgment on Permission to Appeal, Costs, and Payment on Account

Legal Issues

  1. 1 Whether permission to appeal should be granted on grounds of alleged error of law and factual evaluation regarding fraud and gross negligence
  2. 2 Interpretation and application of indemnity clause for costs
  3. 3 Appropriateness of indemnity or standard basis for costs

Ratio Decidendi

Permission to appeal is refused as neither ground advanced by the Claimant has a real prospect of success, either on law or facts. The indemnity clause is apt to cover the present situation but does not mandate indemnity costs; costs are awarded to the Defendant on the standard basis. Issues-based costs orders are not appropriate due to the entanglement of issues. A payment on account of costs is ordered at £9 million, to be paid within 28 days.

Court Disposition

Permission to appeal refused; costs awarded to Defendant on standard basis; payment on account ordered.

Orders

  • Permission to appeal refused.
  • JP Morgan Chase NA awarded costs on the standard basis.