Standard Chartered Seen Paying $1 Billion to End Probes
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Standard Chartered Plc may have to pay as much as three times more than the $340 million it was fined by a New York regulator to settle all the probes by regulators into its transactions for Iranian clients.
The bank may have to disburse a total of $1 billion as regulators including the U.S. Treasury, Federal Reserve, Justice Department and Manhattan District Attorney negotiate settlements with the bank, according to Simon Morris, a regulatory lawyer at CMS Cameron McKenna in London. Cormac Leech, an analyst at Liberum Capital, put the total cost at $700 million.