Consulting Co. Targets JPMorgan Over $75M Oil Deal Funds

Law360, New York (October 7, 2011, 9:30 PM EDT) -- International Legal Consulting Ltd. sued JPMorgan Chase & Co. on Thursday, seeking a judgment ordering the bank to transfer $74.7 million to the New York sheriff until an arbitration proceeding between ILC and Malabu Oil and Gas Ltd. resolves.

In the arbitration proceeding in London, ILC is seeking the recovery of a $65.5 million “success fee” for arranging the transfer of rights to an oil prospecting license in Nigeria to Malabu. Malabu was paid about $1.1 billion for the rights, according to ILC's suit.

JPMorgan's responses...
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