Standard Chartered - agreements with US authorities

10 Dec 2012

Slaughter and May, working alongside the Standard Chartered legal team and Sullivan & Cromwell LLP, advised Standard Chartered PLC in relation to its agreements announced on Monday 10th December 2012 with the US Department of Justice, the New York County District Attorney's Office, the Federal Reserve Bank of New York, and Office of Foreign Assets Control, which include a total penalty of US$327 million.

The settlements are the product of an extensive internal investigation that led Standard Chartered voluntarily to report its findings concerning past sanctions compliance to US authorities and nearly three years of intensive cooperation with regulators and prosecutors.

Slaughter and May and Sullivan & Cromwell also acted on Standard Chartered's agreement in August 2012 with the New York State Department of Financial Services in relation to the same sanctions investigation pursuant to which Standard Chartered agreed to pay a civil money penalty of US$340 million.

Contacts

Corporate and Commercial: Nigel Boardman (partner); Dispute Resolution: Richard Swallow (partner), Stephanie Stapley (associate)

Standard Chartered: James Ellington (Group Head of Legal)

Sullivan & Cromwell: Corporate and Financing: H. Rodgin Cohen (partner); Dispute Resolution: Samuel W. Seymour (partner), Nic Bourtin (partner)


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