Standard Chartered To Pay $340M To Settle NY Iran Claims

Law360, New York (August 14, 2012, 2:33 PM EDT) -- Standard Chartered PLC on Tuesday agreed to pay the state of New York $340 million to resolve allegations that the British bank helped Iranian government-backed banks transfer over $250 billion in violation of U.S. sanctions.

The New York Department of Financial Services on Aug. 6 hit the bank with an order requiring it to show why it should be allowed to operate and not have its New York banking license revoked. The bombshell allegations, that Standard Chartered was involved in so-called U-turn transactions with Iranian government-sponsored...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.