Malaysia sues Deutsche Bank, JP Morgan, Coutts over 1MDB

Malaysia 1MDB fund is suing units of Deutsche Bank (DBKGn.DE) and J.P. Morgan (JPM.N), and Coutts & Co Ltd to recover billions in alleged losses from a corruption scandal at the fund.

1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from Coutts, and interest payments from all of them, according to documents filed at a Kuala Lumpur court.

Malaysia’s finance ministry said earlier on Monday that 1Malaysia Development Berhad (1MDB) and a former unit have filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding them.