Standard Chartered PLC (LSE:STAN) shares climbed 3.6% to 1,409.5p on Friday after the US Department of Justice rejected whistleblower claims that the bank concealed billions of dollars in dealings with Iranian businesses.
The DOJ urged an appeal court to dismiss the case, calling the fraud allegations “entirely unfounded.”
The complaint was brought by former executives Julian Knight and Robert Marcellus, who said documents given to the US government revealed undisclosed transactions.
Their claims drew political attention last week when President Donald Trump shared them online and Republican congresswoman Elise Stefanik called for an investigation, sparking a sell-off in the stock.
Standard Chartered said it was “pleased and unsurprised” by the DOJ’s decision.