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June 23, 2014

BNP Near Settlement With U.S. for Up to $9 Billion

BNP Paribas SA  and U.S. prosecutors have agreed to broad terms of a deal in which the bank would pay $8 billion to $9 billion and accept other punishment based on what investigators say is evidence the bank intentionally hid $30 billion of financial transactions that violated U.S. sanctions, according to people close to the probe.

“The two sides in recent days reached a general outline of a deal that also would include a guilty plea to a criminal charge of conspiring to violate the International Emergency Economic Powers Act and a temporary ban—likely lasting a period of months—on the company’s ability to transact in U.S. dollars, according to several people familiar with the discussions.

“As part of the deal, officials plan to announce the departures of more than 30 bank employees, acceding to demands by the New York Department of Financial Services that individuals also be punished, according to people close to the talks. The majority of those people have already left the bank, they said.”

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Read full Wall Street Journal article here

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