NEW YORK -- A federal judge has dismissed a lawsuit filed by Standard Chartered PLC against Citicorp seeking damages connected with Citicorp's alleged part in the 1992 Bombay securities market scandal.

U.S. District Judge John Sprizen in Manhattan said India is the proper jurisdiction for a trial.

The scandal revolved around several banks and prominent brokers who were said to have siphoned money from the interbank securities market to pump up the Bombay exchange, which was booming at the time.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.