Banking

Victims of Beirut Bombing Sue Standard Chartered over Iran Ties

The bank on Tuesday agreed to pay $340 million to New York State's financial regulator to settle allegations that it concealed Iran-linked transactions worth a total of $250 billion.

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The estates of the victims of the 1983 bombing of the U.S. Marine barracks in Beirut sued Standard Chartered seeking compensation over the bank's concealment of Iran-linked transactions.

The civil lawsuit, filed in U.S. district court in Manhattan, said the bombing victims obtained a $2.6 billion judgment in compensatory damages against Iran in 2007. The court document said the plaintiffs include representatives of the estates of the 241 U.S. servicemen killed in the attack in the Lebanese capital, relatives and heirs and bombing survivors.