Key facts
- EFG International agreed to pay $426 million to settle a lawsuit.
- The lawsuit was filed by the Public Institution for Social Security of Kuwait.
- PIFSS alleged EFG International laundered kickbacks paid to its late director-general.
EFG International has settled a lawsuit for $426 million with the Public Institution for Social Security of Kuwait. The settlement represents the largest operational loss for the bank this month. PIFSS alleged that the Swiss private bank facilitated the laundering of kickbacks, purportedly paid through intermediaries to its late director-general, Fahad Maziad Al Rajaan, via entities for which he was the ultimate beneficiary.