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Malaysia: 1MDB drops $1 bln lawsuit against Bakers, corporate head

The scandal-ridden state fund 1Malaysia Development (1MDB) has dropped its $1 billion civil lawsuit against its former law firm Wong & Partners and the head of its corporate practice, Brian Chia, over losses suffered by the fund, media reports said. According to the Malay Mail, 1MDB, represented by Chee Wee Partnership, withdrew its suit earlier this month. 1MDB had sued Wong & Partners, Baker McKenzie’s Malaysia member firm, and Chia for breach of contractual, statutory, common law and fiduciary duties, as well as dishonest assistance that led to misappropriation of funds from the group, the newspaper added. In May, Malaysia’s Finance Ministry had confirmed that 22 lawsuits were filed by 1MDB and its former subsidiary SRC International, with the defendants including Wong & Partners and Chia.

Ex-Goldman Exec's Virus-Delayed 1MDB Trial Set For January

After Goldman, Malaysia's 1MDB Pursues JPMorgan and Deutsche

After Goldman, Malaysia’s 1MDB Pursues JPMorgan and Deutsche Bloomberg 1 day ago © Photographer: Bloomberg/Bloomberg 1Malaysia Development BHD (1MDB) President Arul Kanda Interview (Bloomberg) After successfully recouping more than $3 billion from firms including Goldman Sachs Group Inc., Malaysia’s 1MDB is casting a wider net. The state-owned investment fund is suing companies including JPMorgan Chase & Co. and Deutsche Bank AG in an effort to recover assets worth more than $23 billion the country says are linked to the fund. 1MDB and a former unit filed a combined 22 civil suits against entities and individuals for various alleged wrongdoings including fraud and conspiracy to defraud the fund, the Finance Ministry said on Monday.

JPMorgan, Deutsche Bank said to be among firms sued by 1MDB

After Goldman, Malaysian Fund 1MDB Pursues JPMorgan and Deutsche

After Goldman, Malaysia’s 1MDB Pursues JPMorgan and Deutsche Bloomberg 5 days ago © Photographer: Bloomberg/Bloomberg 1Malaysia Development BHD (1MDB) President Arul Kanda Interview (Bloomberg) After successfully recouping more than $3 billion from firms including Goldman Sachs Group Inc., Malaysia’s 1MDB is casting a wider net. The state-owned investment fund is suing companies including JPMorgan Chase & Co. and Deutsche Bank AG in an effort to recover assets worth more than $23 billion the country says are linked to the fund. 1MDB and a former unit filed a combined 22 civil suits against entities and individuals for various alleged wrongdoings including fraud and conspiracy to defraud the fund, the Finance Ministry said on Monday.