Promontory and DFS have settled their disagreement, avoiding potential litigation. This dispute is outlined in prior blog posts.
According to the WSJ,
Under the terms of Tuesday’s agreement, Promontory agreed that “in certain instances, Promontory’s actions in [the Standard Chartered] engagement did not meet the department’s current requirements for consultants performing regulatory compliance work for entities supervised by the department.”
Promontory also agreed to a six-month suspension of work that requires access to confidential reports submitted to DFS. Promontory also agreed to pay $15 million.