NY state bank regulator, consultant Promontory reach settlement agreement

New York state's financial regulator and Promontory Financial Group say they've reached a settlement agreement over the bank consultant's reports four years ago for Standard Chartered Bank.

The Department of Financial Services said Promontory showed "a lack of independent judgment" in those reports. The agency says the consultant will pay $15 million and agrees to abstain for six months in taking on new consulting work that requires the department to authorize disclosure of confidential information under New York banking law.

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Promontory says it's glad to resolve the matter over its transactions review for Standard Chartered from 2009 to 2011 and remains committed to integrity in carrying out its work.