JPMorgan Chase has agreed to pay 1.4 billion ringgit (CHF270 million) to the Malaysian government to settle all issues related to its role in the scandal involving the Malaysian sovereign wealth fund 1MDB, according to a joint statement on Friday. + Get the most important news from Switzerland in your inbox The US Department of Justice has said that more than $4.5 billion (CHF3.6 billion) was misappropriated from 1MDB between 2009 and 2015 by senior fund executives and their associates. In 2021, 1MDB sued subsidiaries of JPMorgan, Deutsche Bank and Coutts to recover the huge losses suffered by the scandal-hit investment vehicle, claiming "negligence, breach of contract, conspiracy to defraud/prejudice and/or dishonest assistance". According to court documents, it sued J.P. Morgan (Switzerland) for $800 million. + 1MDB Fraudsters Convicted by Swiss Over $1.8 Billion Scam The Office of the Attorney General of Switzerland said on Friday that it had fined J.P. Morgan (Switzerland) CHF3 ...
