Standard Chartered (HKG:2888) failed to reduce a 1.5 billion pound lawsuit brought by shareholders in the UK, Reuters reported Wednesday.
The lawsuit, filed by over 200 investors, alleges that the bank's share prices were impacted by misleading statements about its compliance with U.S. sanctions against Iran between 2007 and 2019, the publication said.
The bank sought to dismiss half of the claims worth 762 million pounds from around 950 investors, similar to a relief received by Barclays in the dark pool lawsuit, but the High Court rejected its request, Reuters said.
The case follows a 2019 settlement in which Standard Chartered paid $1.1 billion to U.S. and UK regulators over sanction breaches. While the bank denies any wrongdoing, the lawsuit is set for trial in October 2026, Reuters said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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