In a high-stakes legal showdown, Standard Chartered PLC faced off against a group of investors in a London court on Wednesday, seeking to thwart a £1.4 billion ($1.77 billion) claim. The investors allege that the banking behemoth downplayed its breaches of U.S. sanctions against Iran by hundreds of billions of dollars. The atmosphere was tense as legal arguments unfolded before High Court Judge Thomas Leech.
StanChart £1.4B Sanctions Suit : Standoff Over Standing
Standard Chartered wasted no time in mounting a vigorous defense. Adrian Beltrami KC of 3 Verulam Buildings, representing the bank, urged Judge Leech to impose a final deadline on the investors. The bank demanded an “unless order,” insisting that the claimants must demonstrate they have standing to bring the claims. Beltrami emphasized that crucial information regarding share ownership had not been provided by some claimants.
“Without evidence of standing, the claims lack merit,” Beltrami asserted in court filings. “A stringent order is necessary to compel compliance and ensure a fair legal process.”
Allegations of Legal Maneuvering
However, Shail Patel KC of 4 New Square, representing the investors, fired back, accusing Standard Chartered of employing aggressive legal tactics. Patel lambasted the bank’s approach as a “scorched-earth” strategy designed to intimidate and drain resources from the investors.
