StanChart shares rise after favourable ruling in U.S. litigation
Standard Chartered (STAN.L) shares rose 3% following a favorable ruling by the U.S. Department of Justice in a long-standing civil case. This comes after a previous decline in shares due to a request from U.S. lawmaker Elise Stefanik for an investigation into the bank for alleged sanctions evasion. The bank expressed satisfaction with the DOJ's filing, asserting that the claims against it are false.
LONDON, Aug 22 (Reuters) - Standard Chartered (STAN.L) shares rose 3% on Friday after what the bank said was a favourable ruling by the U.S. Department of Justice in a long running civil case.
Shares in the London-headquartered, Asian-focussed bank tumbled last week after a U.S. Republican lawmaker, Elise Stefanik, wrote to the Attorney General, Pam Bondi, asking for a probe to be launched into the bank, claiming it was involved in sanctions evasion.
Stefanik said an unspecified case against Stan Chart was due to expire next week and urged action before that date.
Stan Chart said in a statement late on Thursday it was: “pleased and unsurprised by the Department of Justice’s filing in the legacy Brutus qui tam case, which continues to demonstrate what we’ve always known: the claims underlying this case are false.”
