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7h ago

Standard Chartered Jumps as DOJ Calls Whistleblower Fraud Claim 'Entirely Unfounded'

A separate $2.7bn Singapore lawsuit over alleged 1MDB-linked transfers still hangs over the lender.

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo
The bank paid $1.1 billion to American and British authorities in 2019 to settle allegations that it breached sanctions

Overview

  • The Justice Department urged an appeals court to uphold the prior dismissal of a whistleblower allegation that the government misled a judge.
  • Standard Chartered said the filing supports its position that the underlying claims against the bank are false.
  • The stock rose about 3.7% to 1,410p on Friday morning after the US filing, recovering from a recent slide following political attention.
  • President Donald Trump amplified the allegations on Truth Social and Representative Elise Stefanik called for an investigation, moves that preceded a sharp drop in the shares last week.
  • Separately, court-appointed liquidators have sued the bank in Singapore for $2.7bn over alleged anti-money-laundering failures tied to 1MDB, claims the bank rejects.