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1MDB Saga Costs JPMorgan’s Swiss Branch

Gabriel Vedrenne
Senior Reporter

Swiss prosecutors disclosed a fine of $3.7 million against JPMorgan Chase & Co. on Friday for handling hundreds of millions of stolen dollars from Malaysia, but stood to assess a much higher penalty had the bank not agreed to pay an additional $331 million in compensation. The case that culminated Friday began in November 2022, when Switzerland's Office of the Attorney General, or OAG, learned that JPMorgan maintained accounts for PetroSaudi, the Geneva-based company at the center of an international scheme to plunder the now-defunct Malaysian sovereign wealth fund 1MDB, and for two of PetroSaudi's former managers. The bank played...

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