London Bank Settles $2 Billion Case Over Iran Sanctions

WANA (Dec 06) – Standard Chartered has settled a £1.5 billion ($2 billion) lawsuit accusing the bank of systematically violating sanctions against Iran.

A judge at the London Court of Appeal said on Friday that the case had been resolved with more than a hundred investors. “After the draft judgment was circulated to the parties, they reached a comprehensive settlement,” he said.

More than 200 investors had sued Standard Chartered, alleging widespread misconduct that has already led to more than $1.7 billion in fines for the bank.

Standard Chartered previously told regulators that, between 2008 and 2014, it processed hundreds of millions of dollars in transactions through its Dubai offices on behalf of Iranian entities.

The bank maintains that it is not liable in the case, but said it chose this route to bring the matter to a close.

London Bank Settles $2 Billion Case Over Iran Sanctions. Social media/ WANA News Agency