Standard Chartered has announced a settlement in the case ‘Mercy Investment Services, Inc. and others v. Standard Chartered plc’. The bank stated that the decision to settle was made to resolve the matter, despite denying any liability related to the claims. According to Standard Chartered, "Notwithstanding that Standard Chartered has always denied any and all liability, in the case ‘Mercy Investment Services, Inc. and others v. Standard Chartered plc’ a settlement was deemed appropriate in bringing this matter to a close." The company also noted that "The settlement is not material to the Group’s operating results or financial position."
Additionally, Standard Chartered acknowledged a recent Court of Appeal decision concerning document production in related proceedings. The bank clarified that this decision does not address the merits of the allegations: "We likewise acknowledge a subsequent Court of Appeal decision, which relates to document production in the related proceedings. This is not a ruling on the merits of the allegations themselves."
For further information, Robbie Sommerville (Global Head, Corporate Communications) and Shaun Gamble (Group Media Relations) are listed as contacts.