Standard Chartered Head Retracts Iran Sanctions Remarks

Law360, Los Angeles (March 21, 2013, 7:05 PM EDT) -- Standard Chartered PLC Chairman John W. Peace on Thursday formally apologized for inaccurate remarks he made earlier this month in which he suggested the bank had not deliberately broken U.S. sanctions on Iran and other countries, saying his comments were “at best inaccurate.”

The statement comes just two weeks after the British banking and financial services company released its full-year earnings and Peace and two Standard Chartered executive directors hosted a telephone press conference in which Peace said Standard Chartered “had no willful act to avoid...
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