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

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.

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