Venezuelan Agency Sues Standard Chartered Over Seized Bank

Law360, New York (August 27, 2012, 6:44 PM EDT) -- Standard Chartered Bank was hit with a suit Friday by a Venezuelan financial agency accusing the British bank of wrongly denying that the agency is the liquidator of the assets of a Venezuelan bank taken over by regulators after it failed to keep adequate reserves.

In a complaint filed in New York State Court, Fondo de Proteccion Cocial de los Depositos Bancarios, the Venezuelan equivalent of the Federal Deposit Insurance Corp., challenged Standard Chartered’s denial of Fondo’s claimed right as the receiver of a Standard Chartered...
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