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National Litigation Firm Labaton Sucharow Announces Investigation of Standard Chartered PLC (Ticker: SCBFF) in the Wake of Money Laundering Allegations

·2-min read

Labaton Sucharow a global investor rights law firm, announces an investigation on behalf of purchasers of the securities of Standard Chartered PLC (Ticker: SCBFF).

On September 20, Buzzfeed reported a comprehensive investigation of global financial institutions, having obtained "twenty-two thousand pages of never-before-released government documents." Among the documents were more than 2,100 suspicious activity reports, or SARs, which banks and other financial institutions submitted to the US Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, when they observe transactions that suggest money laundering or other illegal activity. Such reports can support investigations and intelligence gathering — but by themselves they are not evidence of a crime. The FinCen files included suspicious activity reports filed by nearly 90 financial institutions.

In the September 20 report, Buzzfeed reported, among other things, that: Standard Chartered moved money on behalf of Al Zarooni Exchange, a Dubai-based business that was later accused of laundering cash on behalf of the Taliban. During the years that Al Zarooni was a Standard Chartered customer, Taliban militants staged violent attacks that killed civilians and soldiers.

On September 21, premarket, Standard Chartered was trading down.

If you are a former or current stockholder, derivative, or options holder of Standard Chartered and wish to learn more or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at dschwartz@labaton.com.

About the Firm

Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200921005802/en/

Contacts

David J. Schwartz
(800) 321-0476
dschwartz@labaton.com