Standard Chartered Faces $2.7 Billion Lawsuit Linked to 1MDB

Standard Chartered Plc is facing a $2.7 billion lawsuit from liquidators alleging it played a role in enabling the laundering of billions of dollars misappropriated from Malaysian sovereign wealth fund 1MDB.

Liquidators began legal proceedings against the UK-headquartered bank in Singapore, according to a statement released on Tuesday. Standard Chartered has yet to receive the claim documents and “emphatically rejects any claims” made by the 1MDB companies, the bank said in a reply to Bloomberg News.