Standard Chartered Shares Fall 9% After U.S. Lawmaker Calls for Probe

Standard Chartered shares fell nearly 9% on Friday after US Republican lawmaker Elise Stefanik asked Attorney General Pam Bondi to launch a probe into the bank over alleged sanctions evasion, Iain Withers, Alun John and Samuel Indyk reported for Reuters.

Standard Chartered said the allegations, tied to a long-running civil case, were “entirely false” and had been rejected many times by US courts. (Photo: Can Pac Swire Flickr)

In a letter shared on the X social media platform and published on her website, Stefanik requested the appointment of a special attorney to investigate what she called Standard Chartered’s failings.

She noted that an unspecified case against the bank was set to expire next week and urged action before that deadline.

Standard Chartered said the allegations, tied to a long-running civil case, were “entirely false” and had been rejected many times by US courts. The claims have been pursued since 2012, the bank added.

“We expect the dismissal of this case will continue to be upheld on appeal,” the bank said, adding it would fully cooperate with relevant authorities and remained committed to fighting financial crime.