In a fresh twist to the saga of US claims that Standard Chartered helped hide dealings with Iran,Deloitte chief executive Joe Echevarria has claimed that charges by the top New York state banking regulator were “distortion of the facts”, according to Reuters.

Echevarria, CEO since June 2011, defended Deloitte since the firm was dragged into the spotlight over its independent reviews of British bank Standard Chartered.

The New York State Department of Financial Services last week said Deloitte consultants omitted critical details in a report to regulators about Standard Chartered.

The regulator cited an email from a Deloitte partner saying he drafted a "watered-down version" of the report after being asked by Standard Chartered to omit information.

"It's an unfortunate choice of words that was pulled out of context," Echevarria is quoted as having said by the news service.

A source close to the matter, who asked to remain anonymous because of its sensitive nature, said the Department of Financial Services has no plans to bring charges against Deloitte, the news service said. A spokesman for the department refused to confirm or deny that statement.

Echevarria said he was with his son at Universal Studios in Orlando, Florida a week ago when he first heard of the Standard Chartered matter by email.

The head New York banking regulator, Benjamin Lawsky, alleged Standard Chartered hid from regulators some 60,000 "secret transactions" tied to Iran.

The UK-listed bank, which earns the bulk of its income outside the UK in regions such as Asia, has said the regulator's account did not present "a full and accurate picture of the facts".  The bank has objected to the language used by the New York regulator.