Standard Chartered (StanChart’s) lost a request on Monday to remove charges in a London lawsuit that it violated US sanctions against Iran in a more broad way than previously admitted.
More than 200 investors are suing Standard Chartered in London’s High Court for allegedly false claims concerning its sanctions non-compliance between 2007 and 2019.
The case comes after the London based bank agreed to pay $1.1 billion in 2019 to U.S. and British authorities over transactions that violated sanctions on Iran and other countries.
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
The 2019 accord extended by two years a 2012 deferred prosecution arrangement with Standard Chartered, in which the bank paid US authorities $667 million.
Standard Chartered (StanChart’s)
Beyond what Standard Chartered acknowledged to regulators, the investors, however claim “industrial-scale sanctions non-compliance on the part of the firm.
The claims of penalties non-compliance that were not supported by confessions to authorities were challenged by Standard Chartered which vehemently denies the accusations.
Standard Chartered’s appeal against the High Court’s decision last year to proceed with the trial of the charges was rejected on Monday. The trial is scheduled to take place in late 2026.
Standard Chartered did not immediately respond to a request for comment.
Source
Reuter
