Published: 8:00pm, 22 Aug 2025Updated: 8:05pm, 22 Aug 2025
JPMorgan Chase will pay the Malaysian government US$330 million as part of a settlement to resolve all matters related to its role in the multibillion-dollar scandal at state fund 1MDB, both parties said on Friday.
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Malaysian and US investigators say at least US$4.5 billion was stolen from 1Malaysia Development Berhad (1MDB) in a globe-spanning scheme between 2009 and 2014.
In 2021, 1MDB sued a unit of JPMorgan, along with those of Deutsche Bank and Coutts & Co, to recover alleged losses from the fund, citing alleged “negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance” on the part of the firms.
It had sought US$800 million from JPMorgan (Switzerland) Ltd, court documents had shown.
On Friday, JPMorgan and Malaysia, in a joint statement, said the company would contribute the settlement payment to the government’s 1MDB Assets Recovery Trust Account.
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“The settlement agreement resolves all existing and potential claims and binds both parties from any future claims or litigations related to 1MDB,” it said.