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StanChart fails to cut US sanctions breach claims from London lawsuit



StanChart fails to cut US sanctions breach claims from London lawsuit

FILE PHOTO: The Standard Chartered bank logo is seen at its headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo

Standard Chartered on Monday lost a bid to cut from a London lawsuit allegations that it broke US sanctions against Iran in a more widespread way than it has previously admitted.


More than 200 investors are suing Standard Chartered at London’s High Court for allegedly untrue statements about its sanctions non-compliance between 2007 and 2019.


The lawsuit comes after the London-based bank agreed to pay $1.1 billion in 2019 to US and British authorities over transactions which breached sanctions against Iran and other countries.


The 2019 deal extended by two years a 2012 deferred prosecution agreement with Standard Chartered, under which the bank paid US authorities $667 million.


The investors, however, allege “industrial-scale sanctions non-compliance” by Standard Chartered beyond what the bank admitted to regulators.

Standard Chartered, which strongly rejects the allegations, tried to have the allegations of sanctions non-compliance which were not covered by admissions to regulators thrown out.


Last year, the High Court ruled the allegations should go to trial, likely to be heard in late 2026, and Standard Chartered’s appeal against that decision was dismissed on Monday.


Standard Chartered did not immediately respond to a request for comment.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jun 17 2024 | 4:48 PM IST

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