UPDATE 3-Malaysia sues Deutsche Bank, JP Morgan, Coutts over 1MDB
Rewrites throughout with details on banks, claims
By Rozanna Latiff and Joseph Sipalan
KUALA LUMPUR, May 10 (Reuters) - Malaysia's now-defunct 1MDB state fund is suing units of Deutsche Bank DBKGn.DE, J.P. Morgan JPM.N and Coutts & Co to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed.
1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from a Swiss-based Coutts unit, and interest payments from all of them, according to the lawsuit.
The claims are premised on "negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance", 1MDB said in the documents, filed at a Kuala Lumpur court on Friday.
The three companies did not immediately respond to a request for comment on the claims in the lawsuit.
Malaysia's finance ministry said on Monday that 1MDB and a former unit had filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding the fund and its ex-subsidiary. It did not identify any of the individuals or entities being sued.
Malaysian business daily The Edge first reported the suits against the banks and others.
JP Morgan and Coutts declined to comment on the report.
A Deutsche Bank spokesperson said: "We have not been served any papers, and we are not aware of any basis for a legitimate claim against Deutsche Bank."
Malaysian and U.S. investigators say at least $4.5 billion was stolen from 1MDB between 2009 and 2014, in a wide-ranging scandal that has implicated high-level officials, banks and financial institutions around the world.
Malaysian authorities have previously said there were billions of dollars more that were unaccounted for.
(Reporting by Rozanna Latiff and Joseph Sipalan; additional reporting by Marwa Rashad in London; Editing by Martin Petty and Pravin Char)
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