1MDB sues Deutsche Bank, JP Morgan, and Coutts Tuesday 11 May 2021 10:22 CET | News
Malaysia-based now-defunct 1MDB state fund has sued subsidiaries of Deutsche Bank, JP Morgan, and Coutts to recover billions in alleged losses from a corruption scandal at the fund.
According to The Guardian, 1MDB is claiming USD 1.11 billion from Deutsche Bank (Malaysia), USD 800 million from JP Morgan (Switzerland), and USD 1.03 billion from a Switzerland-based Coutts unit, and interest payments from all of them.
The claims are premised on ‘negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance’, 1MDB said in the documents, filed at a Kuala Lumpur court in May 2021.