Financier to give up claim to millions

Fugitive financier Jho Low will give up claims to hundreds of millions of dollars in luxury goods prosecutors say were purchased with money stolen from a Malaysian investment fund, a person familiar with the matter told The Associated Press. Under the settlement with U.S. prosecutors he will relinquish claims to assets seized by U.S. officials beginning in 2016. The settlement comes about three years after the Justice Department moved to recover more than $1 billion that it said had been stolen. Low was charged last year by federal prosecutors in New York in a money laundering and bribery scheme that pilfered billions of dollars from the Malaysian investment fund. It was the first criminal prosecutions in the U.S. arising from the corruption scandal at the state investment fund known as 1MDB.