Standard Chartered faces $2.7bn lawsuit in Singapore in 1MDB fraud
Liquidators seeking to recover misappropriated funds from sovereign wealth fund 1Malaysia Development Berhad (1MDB) filed legal proceedings against Standard Chartered Bank in Singapore. The lawsuit is over bank's alleged role in enabling fraud that led to over $2.7 billion in financial losses. US investigators said $4.5 billion, belonging to 1MDB, was stolen in a complex, globe-spanning scheme.