Hanoi:1Malaysia Development Berhad (1MDB) is negotiating with Deutsche Bank (Malaysia) Berhad to resolve a lawsuit initiated against the bank. During proceedings at the Federal Court, 1MDB's legal representative, Datuk Lim Chee Wee, informed a three-member panel led by Chief Judge of Malaya Datuk Seri Hashim Hamzah about the ongoing settlement discussions.

According to BERNAMA News Agency, the panel also included Chief Judge of Sabah and Sarawak Datuk Seri Azizah Nawawi and Federal Court Judge Datuk Ravinthran N. Paramaguru. They were considering 1MDB's request for permission to appeal a decision favoring the UK law firm White and Case LLP.

Datuk Lim Chee Wee stated that the High Court had been notified of the proposed settlement between 1MDB and Deutsche Bank, with a hearing scheduled for October 26 before High Court Judicial Commissioner Rihada Rafie. The details of the proposed settlement remain undisclosed.

1MDB initially filed a lawsuit on May 7, 2021, seeking US$1.83 billion from seven defendants, including Deutsche Bank, alleging breach of contract, negligence, and criminal conspiracy in fund misappropriation. The defendants were accused of conspiring to defraud 1MDB and causing financial and reputational harm.

Last November, 1MDB dropped JPMorgan and Coutts and Co from the suit. Meanwhile, regarding 1MDB's appeal to the Federal Court, Datuk Dr Cyrus Das, representing White and Case, opposed 1MDB's attempt to introduce over 3,000 additional documents in support of its appeal application.

However, the court permitted 1MDB to include the documents and ordered affidavits to be filed. A case management session was scheduled to set an early hearing date for the application. Previously, the Court of Appeal ruled in favor of White and Case LLP, overturning a High Court decision that allowed the lawsuit to be heard in Malaysia due to jurisdictional issues.

1MDB had filed a US$1.83 billion and US$33 million suit in 2024 against White and Case and Mahony, alleging fraudulent assistance to PetroSaudi and conspiracy against 1MDB while serving as its legal counsel. A High Court ruling last year had rejected White and Case's jurisdictional challenge, citing the presence of trial witnesses in Malaysia.