Legal News

Bank duty of care to customer and the construction of exemptions, indemnities and entire agreement clauses (The Federal Republic of Nigeria v JP Morgan Chase Bank)

Published on: 19 March 2019
Published by: LexisPSL
  • Bank duty of care to customer and the construction of exemptions, indemnities and entire agreement clauses (The Federal Republic of Nigeria v JP Morgan Chase Bank)
  • What are the practical implications of this case?
  • What was the background?
  • What did the court decide?
  • Watch this space
  • Case details

Article summary

Banking & Finance analysis: The decision of the High Court in the case of The Federal Republic of Nigeria v JP Morgan Chase Bank, NA although an application for summary judgment and clearly (given the enormous sums at stake) the opening salvos of what might turn into a protracted legal battle discusses some important points which banks and other financial institutions will need to consider where they use terms and conditions which seek to narrow duties to their customers. As the case progresses to a full trial it will be interesting to see how the Courts construe the bank’s exculpatory clauses and assess their interaction with the law relating to implied terms and tortious liability. or take a trial to read the full analysis.

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