Standard Chartered Plc has settled an investor lawsuit worth £1.5 billion ($2 billion) over allegations it systematically breached sanctions against Iran to win new business.
In a London Court of Appeal ruling over disclosure published on Friday, the judge acknowledged the settlement with more hundreds of investors. “After a draft of this judgment was circulated to the parties, they reached a settlement of the entire action,” the judge said.
“The settlement is not material to the group’s operating results or financial position,” Standard Chartered said in a statement.
The bank was being sued by more than 200 investors over claims of widespread misconduct, which has so far cost the bank more than $1.7 billion in penalties. The lender told regulators that it processed hundreds of millions of dollars in clearing transactions between 2008 and 2014 through its Dubai offices on behalf of Iranian entities.
“Standard Chartered has always denied any and all liability,” the bank said. But a “settlement was deemed appropriate in bringing this matter to a close.”
The plan, known to high-level officials as “Project Green,” allowed for an internal department in Dubai to allegedly “create fraudulent records” to disguise Iranian-connected clients.
Photograph: The Standard Chartered logo; photo credit: Anthony Kwan/Bloomberg
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