US said seeking more than $10bn from BNP Paribas

Piggy Bank

U.S. authorities are seeking more than $10bn from BNP Paribas to settle federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to a person familiar with the matter.

Bloomberg News reports that a final deal is probably weeks away, said the person, who asked not to be identified because the talks aren’t public. The amount to settle has escalated: the bank said in April that it might need to pay far more than the $1.1bn it had already set aside for the case. BNP Paribas dropped as much as 6.1% in Paris trading, the biggest decline in 15 months.

Prosecutors are also pressuring the company to plead guilty to moving funds for clients in violation of sanctions against Sudan, Iran and Cuba, people familiar with the matter have said. The settlement could be the largest criminal penalty in the U.S., eclipsing BP’s $4bn accord with the Justice Department last year.

To access the complete Bloomberg article hit the link below:

U.S. Said to Seek More Than $10 Billion Penalty From BNP

RBS Plots Retreat From Irish Losses as British Election Looms

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News