Print Article

Did Standard Chartered systematically breach Iranian sanctions to win new business?


Standard Chartered Plc is facing about £1.5 billion ($1.9 billion) worth of investor claims at a London trial over allegations it systematically breached Iranian sanctions to win new business.

A London judge ruled on Friday [April 19 2024] that the trial, that will also probe accusations of bribery, should be split into two parts with the first scheduled for October 2026.

The bank was sued by hundreds of investors over the claims of widespread misconduct, which has so far cost the bank more than $1.7 billion in penalties. The lender is facing the claim after it told watchdogs that it processed hundreds of millions of dollars in clearing transactions between 2008 and 2014 through its Dubai offices on behalf of Iranian entities.

The case over alleged lack of shareholder disclosure is “without merit” and the bank “will continue to vigorously defend the claim,” a spokesperson for the bank said in an emailed statement. “We consider that the bank fully complied with its reporting and disclosure obligations throughout the relevant period.”

The ruling follows a decision last year when the court had refused the bank’s request to strike out claims that the alleged sanctions violations and bribery was more systematic and extensive than it had previously admitted to US regulators in 2019. Earlier this year, the bank won permission to appeal the decision, which will be heard in May.



The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more


View our latest imagery from our news and work

Find out more


Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email