By Jenny Park
U.S. federal and state
authorities accused Commerzbank of dealing with Iranian companies blacklisted
by the U.S. and of enabling a Japanese company to carry out accounting fraud.
Commerzbank agreed to pay $1.45 billion, to admit to its conduct in a statement
of facts, and to dismiss employees involved in the investigations. Although
Commerzbank avoided an indictment, prosecutors can revoke the settlement if the
bank misbehaves in the future. The outcome clashes with the relatively lax
consequences of American banks accused of manipulating foreign currencies and
other wrongdoings in foreign countries.
Read more in the Dealbook.
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