JPMorgan To Pay $330 Million To Settle Malaysia's 1MDB Claims

(RTTNews) - JPMorgan Chase (JPM), Friday announced that it has agreed to pay 1.4 billion ringgit or $330 million to Malaysia to resolve all claims tied to the 1MDB scandal.

The funds will be directed to Malaysia's Assets Recovery Trust Account, with the bank making the payment without admitting liability.

On the same day, Switzerland's Attorney General fined JPMorgan CHF 3 million or $3.7 million for failing to implement adequate safeguards to prevent money laundering of misappropriated 1MDB funds.

Malaysia first filed claims against JPMorgan and other banks in 2021, accusing them of negligence and conspiracy related to losses from the sovereign wealth fund.

The settlement effectively ends JPMorgan's exposure to the case. The 1MDB scandal, which began in 2009 and surfaced in 2015, saw $4.5 billion diverted from the fund.

JPM is currently trading at $295.65, up $4.18 or 1.43 percent on the New York Stock Exchange.