JPMorgan Chase will pay the Malaysian government US$330 million as part of a settlement to resolve all matters related to its role in the multi-billion dollar scandal at state fund 1MDB, both parties said on Friday (Aug 22).

JPMorgan Chase (JPM) agreed to pay Malaysia 1.4B ringgit ($330M) to settle all claims relating to 1MDB, the sovereign wealth fund that was the focus of one of the world's largest financial frauds, the government of Malaysia said Friday.