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Earlier this week, the New York Department of Financial Services said it could suspend UK investment bank Standard Chartered for allegedly facilitating hundreds of billions of dollars for Iran.The bad press infuriated Standard Chartered and sent its stock tumbling.
And now the Financial Times Kara Scannell and Patrick Jenkins: are reporting that the bank is looking into firing back:
Standard Chartered has sought advice about whether it can pursue a legal action against the US regulator that on Monday accused the British bank of being a rogue institution which had funded $250bn of Iranian sanctions breaches.
The bank’s legal advisers believe “there is a case” for claiming reputational damage, according to two people close to the situation, although StanChart is conscious of the delicacy of taking an aggressive stance towards its regulators.
Read more at FT.com.