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Standard Chartered settlement

British bank Standard Chartered has reached a $340m settlement with the New York bank regulator. The settlement follow allegations the bank hid $250bn of transactions with the Iranian government, breaking US sanctions. The bank rejects the claims.

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Standard Chartered shares continue to rise

Standard Chartered shares continued to recover in mid-morning London trading today following the bank's settlement agreement with New York regulators.

Shortly after 10am, the scandal-hit bank's shares were trading 3.94% higher at 1,424.00 as investors reacted to the $340 million settlement.

The British bank saw £6 billion wiped from its value in the immediate aftermath of the allegations that it hid transactions with the Iranian government.

The quick and decisive action which Standard has shown in settling this initial claim, which itself is lower than anticipated, has resulted in a further spike to the share price in early trade.

The market will remain cautious until the extent of any further regulatory sanction is known, but in the meantime Standard appears to have taken its rap on the knuckles and is preparing to move on.

– Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers

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