August 16, 2012

Reuters quotes Ed Wilson on Standard Chartered settlement

1 min

Venable partner Ed Wilson was quoted in an August 15, 2012 Reuters article on a $340 million settlement paid to the New York Superintendent of Financial Services by Standard Chartered over transactions linked to Iran. The London-based bank was accused of breaking US sanctions on Iran and hiding Iran-linked transactions totaling $250 billion.

The settlement has drawn fire over the New York Superintendent of Financial Services’ actions which upstaged a two year probe by the U.S. Treasury, the Federal Reserve, the Justice Department, and New York prosecutors. “It's very unfortunate this wasn't done as a global state and federal settlement,” said Wilson commenting on the settlement.