Standard Chartered Bank proceedings after investors accuse banks of misleading statements about US sanctions violations against Iran
Standard Chartered Bank is facing a proceeding after investors have accused the bank of misleading statements about US sanctions violations against Iran.
A high court case alleges that a British bank withheld information when it paid a fine of £ 415 million in 2012 for a transaction with an Iranian company that was prohibited by U.S. rules. increase.
The fine was paid with the understanding that Standard’s connection with Iran’s individuals and businesses ended in 2007. Later, it became clear that a bank with a strong presence in the United States had been doing business with Iranian companies long after 2007.
At the Dock: The High Court proceedings inform when a British bank paid a fine of £ 415 million in 2012 for a transaction with an Iranian company that was banned under U.S. rules. Claims to withhold
Standard was fined an additional £ 900 million in April 2019 for violating sanctions after a U.S. investigation revealed that it was dealing with individuals and groups in Iran, Cuba and Sudan.
The new legal claims focus on the allegations that investors bought standard stock at “artificially soaring” prices as a result of “false or misleading” statements. Stocks peaked at over £ 17 in 2010 and exceeded £ 15 in 2012. It’s currently £ 4.51.
The class action filed in the High Court in September involved more than 100 UK and US trustees, retirement funds and other investors.
If the action is successful, the bank may be charged heavily by other investors. The case was the latest twist on the case over a decade and was fined £ 1.6 billion.
The Mail on Sunday said in 2019 that former standard executive Julian Knight went to U.S. authorities in 2012, claiming that banks were breaking sanctions on Iran. I made it clear.
He accused banks of “bleeding” by dealing with Iranian companies associated with the Iranian Revolutionary Guard Corps as British and US troops were targeted by Iran’s support groups. UK legal claims could also reveal that they are allegedly involved in the bank’s “highest level” of US sanctions bankruptcy.
These include Richard Meddings, now chairman of TSB Bank, and Mike Reese, a director of the Dutch giant ING, who has been accused of having “necessary knowledge” about “related illegal activity.” increase.
Claims will not be brought to court until 2024. Neil Shrimpton, a partner at Brown Radnick, who leads the claims, said:
“They have legitimate concerns about the serious collapse of ESG at Standard Chartered Bank, which leads to a loss of shareholder value. Our clients seek accountability and compensation for that loss. increase.
Standard Chartered Bank and Reese declined to comment. Meddings did not respond to the request for comment.
Investors suing Standard Chartered Bank for transactions in Iran
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