• Reuters

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The Justice Department took legal action on Thursday to recover about $540 million in assets that authorities say were stolen by financiers associated with a sovereign wealth fund established by Malaysia’s prime minister, including a Picasso painting that was given to actor Leonardo DiCaprio and the rights to two Hollywood films.

The filing in U.S. District Court in Los Angeles was the Justice Department’s latest step in a long-running case over an alleged conspiracy to launder money misappropriated from the 1Malaysia Development Berhad fund, known as 1MDB, which was set up by Malaysian Prime Minister Najib Razak in 2009 to promote economic development.

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