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Constantine Cannon Partner Mary Inman Weighs in on Standard Chartered Allegations

Posted  July 23, 2019

London partner Mary Inman was quoted in articles regarding recent allegations that British banking and financial services company Standard Chartered (StanChart) handled more than $56 billion dollars in illegal transactions with entities connected to Iran. The allegations are spelled out in a whistleblower suit against StanChart originally filed in 2012, voluntarily dismissed, and then refiled in late 2018.

The whistleblower suit claims StanChart cleared many more illegal transactions than those covered by a $1.1 billion April 2019 settlement the company made with U.S. authorities to resolve charges related to sanctions violations and lax internal controls. The suit further alleges the whistleblowers – an American currency trader and a former senior employee – brought valuable information to the government in 2012 and did not receive credit for their significant contributions to the government’s post-2012 investigation.

Considering the whistlebowers’ allegations that government enforcers failed to acknowledge their contributions, Inman cautioned: “For [the DOJ] to literally bite the hand that feeds it would be problematic, at a time whistleblowers particularly need to bring them information on sanctions breaches.”

Read the full articles: Financial Times; Nikkei Asian Review

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Tagged in: CC Lawyers, Financial and Investment Fraud,


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