StanChart loses bid to halve of $1.5b London lawsuit

Reuters:

Standard Chartered on Tuesday lost a bid to halve the value of a roughly 1.5 billion-pound ($1.94 billion) London lawsuit brought over allegations the lender broke US sanctions against Iran in a more widespread way than it has previously admitted.

More than 200 investors are suing Standard Chartered (STAN.L) at London’s High Court for allegedly untrue statements about its sanctions non-compliance between 2007 and 2019.

Standard Chartered applied to throw out the cases brought by around 950 investors whose claims were valued at 762 million pounds, around 49 per cent of the total value of the lawsuit. But its application was rejected, with Judge Michael Green saying the whole of the case should go to trial in October 2026.