Shares in Standard Chartered rallied on Friday after it emerged the US government has rejected whistleblower claims that it breached sanctions rules.
Allegations over the banking giant’s practices had courted the attention of US president Donald Trump, who last week took to Truth Social to post a link to an article about the claims published by a far-right news outlet.
That was followed by calls from Republican congresswoman Elise Stefanik, who called for an investigation into the FTSE 100 giant, sending its shares tumbling.
Standard Chartered lost a combined $1.8bn in settlements with the US and UK authorities in 2012 and 2019 after it was found to have breached sanctions on Iran and other countries.
But currency trader Robert Marcellus and the bank’s former global head of foreign exchange transaction banking, Julian Knight, last year said they uncovered data in documents provided to the US government, which they said revealed billions of dollars worth of undisclosed transactions with Iranian businesses.
Knight and Marcellus argued that the government had defrauded a US court over its investigation into the allegations. They then appealed after their claims were rejected.
On Thursday, the US Department of Justice said the earlier judgment should be rejected by the appeal court, adding that the fraud allegation was “entirely unfounded.”
Standard Chartered shares rose 3.7 per cent to 1,410p on Friday morning. The stock is up by more than 40 per cent since the start of the...
New York-based partner Frank A. Mazzagatti is scheduled to present at the 2025 Illinois Association of Healthcare Attorneys (IAHA) 43rd Annual Health Law Symposium on November 6, 2025, in Chicago, ...