JPM - JPMorgan Deutsche Bank said to be named in Malaysian 1MBD suit

1MDB and a former unit of the Malaysia investment fund file suits against Deutsche Bank (DB) and JPMorgan Chase (JPM) in an effort to recover assets worth over $23B associated with the scandal-ridden state-owned fund, Bloomberg reports, citing a person familiar with the matter.The fund filed suits against two foreign financial institutions and plus 25 individuals, alleging fraud and conspiracy to defraud the fund, the country's Finance Ministry said. SRC International Sdn. filed additional lawsuits.The new suits followed complaints that had been filed in late December 2018 against Goldman Sachs for its part in bond sales that raised $6.5B for the fund. The U.S. Justice Department had said ~$4.5B of that amount was misappropriated. Goldman settled with the Malaysian government for $3.9B in late 2020.

For further details see:

JPMorgan, Deutsche Bank said to be named in Malaysian 1MBD suit