The Libyan Investment Authority (LIA) filed a lawsuit against JPMorgan Chase & Co. and its associates in a London Court, Bloomberg reported on Friday, in a move, which may be the beginning of a wave of cases against major banks.
A spokesman for the LIA, George Prasas, confirmed the filing against the bank and businessman Walid al-Ghayami on the background of a commercial fraud.
In a statement quoted by Bloomberg, three other banks are likely to be involved in cases of violations including Commerzbank, Credit Suisse Group AG and BNP Paribas SA.
Economy
