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1MDB drops JPMorgan, Coutts from US$1.1b lawsuit

1MDB drops JPMorgan, Coutts from US$1.1b lawsuit

By Swedan Margen

Fashion

Malaysia state firm 1MDB dropped its court action against JPMorgan and Coutts, The Edge reported.

The two banks were part of Malaysia’s lawsuit first filed in 2021, which cited negligence, breach of contract, conspiracy to defraud and dishonest assistance over their roles in the scandal surrounding 1MDB.

It sought US$1.1 billion from Deutsche Bank, US$800 million from JPMorgan, and US$1 billion from Coutts.

JPMorgan in August agreed to pay US$338.8 million to Malaysia to resolve all existing and potential claims relating to 1MDB.

1MDB was a national strategic development company that took shape in 2009 and became the centre of criminal probes spanning across continents. About US$4.5 billion was stolen from Malaysians, according to the government. BLOOMBERG

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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