{"id":21741,"date":"2024-04-24T06:55:49","date_gmt":"2024-04-24T06:55:49","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=771320"},"modified":"2024-04-24T06:55:49","modified_gmt":"2024-04-24T06:55:49","slug":"standard-chartered-faces-1-5-billion-uk-claim-in-iran-sanction-case","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/04\/24\/standard-chartered-faces-1-5-billion-uk-claim-in-iran-sanction-case\/","title":{"rendered":"Standard Chartered Faces \u00a31.5 Billion UK Claim in Iran Sanction Case"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/04\/standard-chartered-headquarters-bloomberg-580x387.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/04\/standard-chartered-headquarters-bloomberg-scaled.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/04\/24\/771320.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/04\/24\/771320.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"bloomberg\">Standard Chartered Plc is facing about \u00a31.5 billion ($1.9 billion) worth of investor claims at a London trial over allegations it systematically breached Iranian sanctions to win new business.<\/p>\n<p>A London judge ruled on Friday [April 19] that the trial, that will also probe accusations of bribery, should be split into two parts with the first scheduled for October 2026.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The bank was sued by hundreds of investors over the claims of widespread misconduct, which has so far cost the bank more than $1.7 billion in penalties. The lender is facing the claim after it told watchdogs that it processed hundreds of millions of dollars in clearing transactions between 2008 and 2014 through its Dubai offices on behalf of Iranian entities.<\/p>\n<p>The case over alleged lack of shareholder disclosure is \u201cwithout merit\u201d and the bank \u201cwill continue to vigorously defend the claim,\u201d a spokesperson for the bank said in an emailed statement. \u201cWe consider that the bank fully complied with its reporting and disclosure obligations throughout the relevant period.\u201d<\/p>\n<p>The ruling follows a decision last year when the court had refused the bank\u2019s request to strike out claims that the alleged sanctions violations and bribery was more systematic and extensive than it had previously admitted to US regulators in 2019. Earlier this year, the bank won permission to appeal the decision, which will be heard in May.<\/p>\n<p>The plan, known to high-level officials as \u201cProject Green,\u201d allowed for an internal department in Dubai to \u201ccreate fraudulent records\u201d to disguise Iranian-connected clients.<\/p>\n<p><em>Photograph: Standard Chartered headquarters in London. Photo credit: Jason Alden\/Bloomberg<\/em><\/p>\n<div class=\"copyright-notice quiet\">Copyright 2024 Bloomberg.<\/div>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"771320\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>The most important insurance news,in your inbox every business day.<\/h4>\n<p>Get the insurance industry&#8217;s trusted newsletter<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Standard Chartered Plc is facing about \u00a31.5 billion ($1.9 billion) worth of investor claims at a London trial over allegations it systematically breached Iranian sanctions to win new business. A London&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[728,729,24,730,731,1,732],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/04\/standard-chartered-faces-1-5-billion-uk-claim-in-iran-sanction-case.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21741"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21741"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21742"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}