Liverpool FC sponsor set to pay $670m in claim settlements

on 06/12/2012 10:51:22

Scandal-hit Standard Chartered today warned it expects to pay a total of $670m ($511.6m) to settle allegations that it breached sanctions with Iran.

The bank was accused by regulators in August of exposing the United States to terrorists and drug kingpins by hiding $250bn (€190.9bn) of transactions with Tehran.

In a trading update, Standard said it expects to pay another $330m (€252) on top of the $340m (€259.66m) paid to New York's Department of Financial Services to settle the claims.

The 160-year-old lender said the charge will push pre-tax profit growth down to a "mid-single digit rate" rather than in the double-digit range.