On August 14th, the New York State Department of Financial Services announced that Standard Chartered PLC will pay $340 million to settle allegations it helped the Government of Iran hide from regulators $250 billion in improper transactions over a ten year period. Department of Financial Services Press Release. The Wall Street Journal reported that investigations by the Treasury Department, Federal Reserve, Justice Department and Manhattan District Attorney continue. Continuing Investigations. On August 15th, The Telegraph reported that the bank is pursuing a collective settlement with U.S. federal regulators. Collective Settlement. Bloomberg reported that total fines could reach $1 billion. Fines. Separately, Bloomberg reported victims of the 1983 bombing of U.S. barracks in Beirut have sued Standard Chartered alleging that the bank helped hide Iranian assets after the victims obtained a $2.7 billion judgment against Iran. Hiding Assets. On August 16th, Reuters discussed the tactics used by Benjamin Lawsky, Superintendent of the Department of Financial Services, and the possible consequences of his decision to act alone. Tactics.