Standard looks for settlement
The London-based bank Standard Chartered is trying to reach an early settlement over charges it hid £160bn of transactions tied to Iran, appearing to back down under pressure from US regulators and shareholders.
Despite chief executive Peter Sands’s strong denial of the charges levelled by New York’s Department of Financial Services, the bank’s legal team in the United States has got as far as discussing a settlement figure with regulators ahead of a showdown tomorrow with the department’s head Benjamin Lawsky, sources familiar with the situation have said.