Malaysia's now-defunct 1MDB state fund is suing units of DEUTSCHE BANK, JP MORGAN and COUTTS to recover billions in alleged losses from a corruption scandal at the fund, Reuters reported, based on court documents. 1MDB is claiming US$1.11bn from Deutsche Bank (Malaysia), US$800m from JP Morgan (Switzerland) and US$1.03bn from a Swiss-based Courts unit, and interest payments from all of them, according to the lawsuit. The claims are premised on "negligence, breach of contract, conspiracy to defraud/ injure, and/or dishonest assistance," 1MDB said in the documents, filed at a Kuala Lumpur court on May 7. Malaysia's finance ministry said on Monday that 1MDB and a former unit had filed 22 civil suits seeking to recover more than US$23bn in assets from entities and people allegedly involved in defrauding the fund and its ex-subsidiary. It did not identify any of the individuals or entities being sued. Malaysian business daily The Edge first reported the suits against the banks and others.
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