Business · Companies · 1 hr ago
1MDB and Deutsche Bank reach proposed settlement in US$1.1 billion suit
Malaysia’s state fund 1Malaysia Development Berhad, known as 1MDB, has reached a proposed settlement with Deutsche Bank.
The agreement would resolve a US$1.1 billion lawsuit brought by the fund.
The case is part of Malaysia’s efforts to recover money linked to a multibillion-dollar fraud involving 1MDB.
The proposed settlement was disclosed at a hearing in Putrajaya, Malaysia.
A hearing in the Deutsche Bank case is scheduled for Oct 26.
Malaysia says it still has 51.4 billion ringgit in financial obligations tied to the scandal and has recovered 31.3 billion ringgit.
The settlement would resolve another part of the legal fallout, while claims against other major banks continue.
1Malaysia Development Berhad and Deutsche Bank have reached a proposed settlement in a US$1.1 billion lawsuit.
The proposed agreement would resolve another part of the legal fallout from the 1MDB scandal.
1MDB lawyer Lim Chee Wee informed Malaysia’s High Court of the proposed settlement on October 12.
A hearing in the Deutsche Bank case is scheduled for October 26.
Malaysia says it has recovered 31.3 billion ringgit while still facing 51.4 billion ringgit in financial obligations tied to the scandal.
- Who
- 1Malaysia Development Berhad and Deutsche Bank.
- What
- They have reached a proposed settlement in a US$1.1 billion lawsuit.
- When
- The proposed settlement was reported on October 12; a hearing is scheduled for October 26.
- Where
- Malaysia’s High Court was informed of the proposed settlement. The hearing on October 12 took place in Putrajaya.
- Why
- The settlement would resolve part of the legal fallout from the 1MDB scandal and Malaysia’s efforts to recover money linked to the fraud.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
JPMorgan Chase agreed to pay 1.4 billion ringgit in a separate settlement related to 1MDB.
1MDB lawyer Lim Chee Wee informed Malaysia’s High Court of the proposed settlement with Deutsche Bank.
A hearing in the Deutsche Bank case is scheduled.
- Lawsuit value
- US$1.1 billion
- Proposed settlement parties
- 1MDB and Deutsche Bank
- Lawyer
- Lim Chee Wee
- Government-reported recoveries
- 31.3 billion ringgit
- Government-reported financial obligations
- 51.4 billion ringgit
Sources
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