1MDB reaches settlement with Deutsche Bank in US$1.1 billion lawsuit
Claims against major banks continue years after billions of dollars were allegedly siphoned
1MDB has reached a proposed settlement with Deutsche Bank AG in a US$1.1 billion lawsuit, a development that follows years of legal battles aimed at recouping funds stolen from the multibillion-dollar Malaysian state investment fund. Malaysia’s High Court has been notified of the proposed settlement, as announced by 1MDB’s lawyer Lim Chee Wee during a hearing at the nation’s top court in Putrajaya on Monday. The settlement hearing is set to take place on October 26.
This agreement is part of the ongoing legal fallout from the 1MDB scandal, with claims against major banks continuing to unfold years after billions were allegedly misappropriated from the fund. Despite these efforts, Malaysia continues to face RM51.4 billion in financial obligations stemming from the scandal, while recovery efforts have generated RM31.3 billion, according to government figures.
Last year, JPMorgan Chase & Co agreed to a RM1.4 billion settlement related to the 1MDB case, further illustrating the extensive legal repercussions faced by institutions connected to the fraudulent activities.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- 1MDB reaches settlement with Deutsche Bank in US$1.1bil suit freemalaysiatoday.com
