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NEW YORK The estates of victims of the 1983 bombing of U.S. Marine barracks in Beirut have dropped a lawsuit against Standard Chartered Plc that accused the bank of concealing Iranian transactions that could have satisfied a $ 2.67 billion judgment. The dismissal was disclosed in a court filing in U.S. District Court in Manhattan on Wednesday. The plaintiffs, who include representatives of the estates of 241 U.S. servicemen killed in the attack, had obtained a $ 2.67 billion default judgment against Iran in 2007 and have sought to enforce it through various lawsuits. In the Standard Chartered case, the […]

Standard Chartered Plc agreed to pay $ 327 million to resolve allegations that it violated U.S. sanctions against Iran, Sudan and two other countries, capping months of legal headaches for the British bank. The U.S. Justice Department and the New York District Attorney’s office said on Monday the bank moved millions of dollars through the U.S. banking system on behalf of customers in the four sanctioned countries. The fine came on top of a separate payment of $ 340 million made in August by Standard Chartered to New York’s state banking regulator over Iranian sanctions. Taken together, the two penalties […]

British bank Standard Chartered Plc will pay $ 327 million to resolve allegations that it violated U.S. sanctions and other laws, the Federal Reserve said on Monday. The bank will pay $ 100 million to resolve allegations by the U.S. Federal Reserve that it provided “inadequate and incomplete responses” to bank examiners and provided insufficient oversight of its sanctions compliance program, the Fed said. The bank separately entered into deferred prosecution agreements with the U.S. Justice Department and the New York District Attorney, and will forfeit $ 227 million in connection with those agreements. Between 2001 and 2007, the bank […]

Standard Chartered is close to wrapping up discussions to resolve U.S. investigations into its Iran-linked transactions and nearing agreement on a fine in the $ 300-million range, mirroring a much-publicized state settlement over similar allegations, according to four people familiar with the matter. The London-based bank agreed in August to pay New York’s banking regulator $ 340 million after that authority filed a surprise order accusing the bank of hiding some $ 250 billion worth of transactions with Iran. In bringing its case in August, the New York Department of Financial Services broke away from other authorities also investigating the […]

SYDNEY Sony Corp. was downgraded to BBB from BBB+ by Standard & Poor’s on Wednesday. “In our view, the pace of recovery in earnings of Sony’s mainstay consumer electronics businesses will remain slow in fiscal 2012,” the credit firm said. It added that a strong recovery in these businesses is not likely until at least fiscal 2013. The outlook is negative, S&P said.

LONDON Standard Chartered is pursuing a collective settlement with other U.S. authorities after speedily agreeing to pay $ 340 million to New York’s financial regulator, who broke ranks with early revelations that the bank hid banned Iranian transactions. Chief Executive Peter Sands, who cut short his holiday in Canada last week to deal with the affair, remains in the United States as the bank continues talks with other agencies to agree a comprehensive deal that removes lingering uncertainty. “Negotiations are going on between the other agencies, and we are talking to them. It is safe to assume there will now […]

Shares in Standard Chartered PLC opened 4 percent higher in London Wednesday, a day after it agreed to pay $ 340 million to a New York regulator to settle accusations that it hid illegal transactions with Iran and violated U.S. sanctions law. New York states’ Department of Financial Services had threatened to revoke the bank’s license to operate in New York, which would have hit Standard Chartered’s dollar-based businesses. In a brief statement to the market, Standard Chartered said Wednesday that it “continues to engage constructively” with other U.S. agencies including the Department of Justice, the Treasury and the Federal […]

Shares Of Standard Chartered Bank Fall After Allegations Made Over Involvement In Iranian Money LaunderingStandard Chartered is accused of helping Iran avoid sanctions by concealing $ 250B of transactions over 10 yearsU.S. regulators have accused the London-based group of concealing 60,000 transactions with Iranian clientsStandard Chartered has refuted the charges, saying over 99.9% of the transactions complied with U.S. regulationsLondon — What is Standard Chartered accused of?Standard Chartered, a British banking giant, is accused of helping Iran avoid American sanctions by concealing $ 250 billion worth of transactions over nearly 10 years, according to banking regulators in New York.The New […]

Standard Chartered shares tumble

Shares in Standard Chartered tumbled as much as 20 per cent in morning tradingThe merchant bank was accused of hiding $ 250bn of transactions with the Iranian governmentThe New York State financial regulator claimed the bank had concealed about 60,000 transactionsStanChart’s shares dived on fears that the bank could lose its clearing licence for US dollars(Financial Times) — Shares in Standard Chartered tumbled as much as 20 per cent in morning trading after the New York State financial regulator accused the UK merchant bank of hiding $ 250bn of transactions with the Iranian government.The New York state Department of Financial […]

Standard & Poor’s says the United Kingdom will keep its top “AAA” credit grade. The rating agency late Friday affirmed its “AAA” long-term rating for the country, the same day as the Olympics got under way in London. The U.K. economy slipped into a recession earlier this year, putting pressure on Prime Minister David Cameron and his government’s efforts to cut spending and balance budgets. S&P said it expects the economy to recover in the second half of this year and that the government will keep budgets tight. Last week, the International Monetary Fund said Cameron’s government may have to […]

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