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Standard Chartered Fight Gets Personal

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  • Description

    FBN's Liz MacDonald on settlement talks between Standard Chartered and New York state.

  • Duration 2:31
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-- it.

Well it is turning into a dirty global fight between standard chartered in New York State which is accusing the UK bank of money laundering on behalf of Iran Elizabeth -- dollars here with.

-- -- -- I just got an exclusive breaking details what do you -- Yeah that's right -- we have been talking to people close to the matter they're saying there is the settlement talks that are ongoing between New York State.

And standard chartered has -- -- saying quote we can't comment on any ongoing discussions with regulators.

But the dollar amounts are issue Sheryl so what's in the allegations are.

-- fifty billion dollars of transactions allegedly laundered.

On behalf of Ronnie and banks through the New York branch -- standard chartered -- the dollar amounts for the settlement we're hearing anywhere from five million.

Is with standard chartered wants.

Where is the State of New York wants -- 700 million dollars and also people close of the matter is telling Fox Business that essentially.

There could be further probes into the bank's dealings with BN -- Sudan and Libya which is also under US sanctions.

And also there was a meeting in April between the New York State regulator.

And the New York fed and the US Treasury Department where they essentially said look this case is getting old it's been out there since January 2010.

When Benjamin lawsuit who runs a New York department and has -- that look we want to move ahead.

No one told them no so now we have a comment firm.

Missed a lawsuit saying look this these are serious charges this case about Iran money laundering and national security and no bank bigger small foreign or domestic is above the law.

What's going on over in England that mean between the rate -- -- -- -- forget the Olympics is the game in town McCain -- town seems to be UK banks and -- though.

And Merrill London's RD coming out talking about the fact that they're being somewhat.

If the -- is singled out attacked I think a little.

Yeah that it's a jealousy issue between London and New York City but you know a big.

People close the matter saying look.

That charges the allegations are based on documents at standard chartered -- to New York State and other US regulators -- -- -- has an issue with that.

Initial look at what the documents they did provide.

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