Slaughter and May corporate partner Nigel Boardman and dispute resolution partner Richard Swallow helped Standard Chartered yesterday (14 August) reach a $340m (£217m) settlement with the New York State Department of Financial Services (DFS) over allegations that it breached US sanctions and hid transactions with Iran.

The magic circle firm provided UK advice to the bank, alongside Wall Street leader Sullivan & Cromwell, where corporate and financing partner Rodgin Cohen and dispute resolution partner Samuel Seymour provided US advice. Both firms were instructed after the alleged illegal activity took place.

Confirmation of the settlement means Standard Chartered will avoid having its New York banking licence revoked and comes just over a week after the bank was accused by the DFS of hiding transactions worth around $250bn (£160bn) which breached sanctions.