StanChart Drops After GOP Lawmaker Calls for Investigation (1)

Shares of Standard Chartered Plc tumbled after a top Republican lawmaker called for an investigation into the lender for enabling “illicit payments to known terrorists” and criticized New York’s Attorney General Letitia James for failing to act on the matter.

Representative Elise Stefanik called on Attorney General Pam Bondi to prevent an ongoing sanctions evasion case against the lender from expiring on Aug. 19. The Republican said that James failed to act when briefed on the payments.

“Without further action on this case there is grave risk of additional funds being funneled to terrorist organizations,” Stefanik wrote in a letter ...