Standard Chartered Reaches £1.5 Billion Settlement in Investor Sanctions Case

Standard Chartered Plc has agreed to settle a long-running investor lawsuit valued at £1.5 billion ($2 billion) that accused the lender of deliberately violating sanctions against Iran to secure new business. The resolution emerged in a London Court of Appeal ruling on disclosure issued Friday, in which the judge noted that the parties had settled the matter after reviewing a draft version of the judgment. “After a draft of this judgment was circulated to the parties, they reached a settlement of the entire action,” the court stated.

In its own announcement, the bank emphasized that “The settlement is not material to the group’s operating results or financial position.” The case had been brought by more than 200 investors who alleged extensive misconduct at the institution—behavior that has already resulted in more than $1.7 billion in penalties. According to earlier disclosures to regulators, Standard Chartered processed hundreds of millions of dollars in clearing transactions for Iranian-linked entities through its Dubai operations between 2008 and 2014.

Throughout the legal battle, the bank consistently rejected the accusations. “Standard Chartered has always denied any and all liability,” the lender reiterated, while explaining that a “settlement was deemed appropriate in bringing this matter to a close.” Central to the claims was an internal initiative known as “Project Green,” which was allegedly understood among senior officials and purportedly enabled a Dubai-based department to “create fraudulent records” designed to obscure clients connected to Iran.

By fLEXI tEAM