1MDB reaches settlement with Deutsche Bank in US$1.1 billion suit

Malaysia’s scandal-hit state fund 1Malaysia Development Berhad (1MDB) has reached a proposed settlement with Deutsche Bank in a US$1.1 billion (S$1.4 billion) lawsuit, marking the latest resolution in the country’s long-running effort to recover money linked to the multibillion-dollar fraud.Malaysia’s High Court has been informed of the proposed settlement, 1MDB lawyer Lim Chee Wee said on Oct 12 during a separate hearing at the country’s top court in Putrajaya. A hearing in the Deutsche Bank case is scheduled for Oct 26.The agreement would resolve another piece of the legal fallout from 1MDB even as claims against major banks continue years after billions of dollars were allegedly siphoned from the fund.Malaysia still faces 51.4 billion ringgit (S$16.1 billion) in financial obligations tied to the scandal, while recovery efforts have brought in 31.3 billion ringgit, according to the government. JPMorgan Chase & Co. agreed in 2025 to pay 1.4 billion ringgit in another settlement related to 1MDB. BLOOMBERG