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Nigeria sues JPMorgan; OCC closes Washington Federal Bank for Savings

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Nigeria sues JPMorgan; OCC closes Washington Federal Bank for Savings

The Nigerian government filed a lawsuit against JPMorgan Chase & Co. demanding $875 million, for allegedly aiding a convicted money launderer in an illegal oil deal, The Times in U.K. reports. Nigerian authorities claim that the bank was "grossly negligent" when it transferred more than $800 million in 2011 to a company controlled by Dan Etete, a former oil minister for the Nigerian government who is now out in hiding, the report adds.

M&T Bank Corp. Chairman and CEO Robert Wilmers died unexpectedly late Saturday night. He was 83. The board has named lead outside director Robert Brady nonexecutive chairman, effective immediately. Vice Chairmen Richard Gold, René Jones and Kevin Pearson maintain responsibility for the bank's day-to-day operations.

The OCC has shuttered Chicago-based Washington Federal Bank for Savings. The bank is the eighth bank to fail in the U.S. this year. Chicago-based Royal Savings Bank will assume the insured deposits of the failed bank.

In the asset management news, Blackstone Group LP is acquiring an 80% stake in Australia's La Trobe Financial Services Pty Ltd. for an undisclosed sum as part of a strategic partnership.

And CME Group Inc. is launching its own bitcoin futures contracts under the ticker BTC, MarketWatch reports.

In other parts of the world

Asia Pacific: ANZ to buy back up to A$1.5B of shares; ICICI Securities files for IPO

Europe: Fitch upgrades Portugal, Ireland; France eyes cap on banks' corporate exposures

Middle East & Africa: South Africa's ANC to have new leader; Arab Bank chair released from detention

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was up 0.70% to 29050.41. The Nikkei 225 rose 1.55% to 22,901.77.

In Europe as of midday, the FTSE 100 was up 0.45% to 7,524.25, and the Euronext 100 improved 1.11% to 1,049.76.

On the macro front

The National Association of Home Builders' housing market index is due out today.

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