Standard Chartered has lost a bid to reduce the value of a roughly £1.5 billion ($1.94 billion) lawsuit in London, which alleges that the bank violated U.S. sanctions against Iran more extensively than previously acknowledged.
The lawsuit involves more than 200 investors who claim that Standard Chartered made false statements regarding its compliance with sanctions from 2007 to 2019. This legal action follows the bank's agreement to pay $1.1 billion in 2019 to U.S. and British authorities over transactions that breached sanctions against Iran and other countries.
This 2019 settlement extended a 2012 deferred prosecution agreement in which Standard Chartered paid U.S. authorities $667 million. However, the investors assert that the bank's non-compliance with sanctions was more extensive than what it reported to regulators, a claim that Standard Chartered vehemently denies.
The bank sought to dismiss cases brought by approximately 950 investors, whose claims were valued at £762 million, about 49% of the total lawsuit value. Standard Chartered's lawyers referenced a High Court decision in a similar case against Barclays, where more than half the value of that case was dismissed.
However, Judge Michael Green rejected Standard Chartered's application, stating that the entire case should proceed to trial in October 2026. A spokesperson for Standard Chartered indicated that while the bank acknowledges the decision, it considers the claim meritless and will continue to vigorously defend itself as the case moves toward trial.