London – Standard Chartered has responded to a recent court ruling in its favor regarding a US civil litigation case. The ruling pertains to an attempt made on May 31, 2024, by the plaintiff to reopen a previously dismissed case initially filed in 2018 (U.S., ex rel. Brutus Trading, LLC v. Standard Chartered Bank (1:18-cv-11117)). The plaintiff has been pursuing similar claims against the bank since 2012.
"The plaintiff’s allegations were, as the court has confirmed, unequivocally baseless," stated a representative from Standard Chartered. "The claims were part of a more than decade-long effort by a former employee and his associates to use fabricated claims against the Bank for their own personal financial gain. The US Government long ago concluded that there was no merit to these accusations of sanctions violations. Now, once again, a court has firmly rejected them."
The courts have described the plaintiff's arguments as being "on the verge of vexatious and frivolous," "without merit," and falling "far short." Standard Chartered emphasized its commitment to defending itself against any further attempts to profit from fabrications or damage its reputation.
For further information, contact Shaun Gamble at Group Media Relations (+44 7766 443662) or Lauren Verner at Group Media Relations (+44 7500 826143).