Standard Chartered seeks a collective settlement with other US authorities after the UK-listed firm agreed to pay $340 million to New York's financial regulator, Reuters reported.

Under the terms of the agreement, Standard Chartered will pay the money to the New York State Department of Financial Services. The settlement led to the adjournment of a hearing at which the bank had been due to appear and demonstrate why its license to do business in New York should not be revoked. In the past week or so, the bank, and accountancy firm Deloitte, had issued a flurry of statements defending their actions and criticizing the language used by Lawsky.

The bank had been accused of hiding Iran-linked transactions worth a total of $250 billion. The transactions were at the center of a fresh legal challenge yesterday, the news service said, when the estates of victims of the 1983 bombing of US Marine barracks sued the bank. The suit claimed the transactions were part of Iran's efforts to avoid judgments against it over the bombing.

Standard Chartered’s US lawyers at Sullivan & Cromwell will look to accelerate talks with other US agencies to enable Standard Chartered to draw a line under an episode, the report said.

"Negotiations are going on between the other agencies, and we are talking to them. It is safe to assume we are now seeking a collective agreement with the other agencies," a spokesperson for the bank reportedly said.