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Investing.com -- JPMorgan Chase (NYSE:JPM) will pay the Malaysian government $330 million to settle all matters related to its role in the 1Malaysia Development Berhad (1MDB) scandal, according to a joint statement released Friday.
The settlement resolves all issues connected to the multi-billion dollar scandal at the Malaysian state fund. Both JPMorgan Chase and the Malaysian government confirmed the agreement in their statement.
The 1MDB scandal involved billions of dollars allegedly misappropriated from the state investment fund, which was established to promote economic development in Malaysia.
This settlement marks another financial institution addressing its involvement in the 1MDB matter, which has led to investigations and settlements across multiple countries and financial institutions in recent years.
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