Malaysia state firm 1MDB dropped its court action against JPMorgan Chase & Co and Coutts & Co, The Edge reported.
The two banks were part of Malaysia’s lawsuit first filed in 2021, which cited negligence, breach of contract, conspiracy to defraud and dishonest assistance over their roles in the scandal surrounding 1MDB.
It sought US$1.1bil from Deutsche Bank AG, US$800mil from JPMorgan, and US$1bil from Coutts.
JPMorgan in August agreed to pay RM1.4bil to Malaysia to resolve all existing and potential claims relating to 1MDB.
1MDB was a national strategic development company that took shape in 2009 and became the center of criminal probes spanning across continents. About US$4.5bil was stolen from Malaysians, according to the government. - Bloomberg
