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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April 02, 2015

By Jenny Park

The world’s biggest banks met with British regulators to discuss the possibility of settling the investigation into alleged manipulation of the foreign currency market. The banks’ traders are suspected of manipulating the foreign exchange rates that served as benchmarks for investments, of colluding to fix prices, and of front-running customers. With a potential fine of up to $3.3 billion, this investigation is one of many, which includes criminal investigations by U.S. and Britain. These investigations resemble an earlier crackdown on banks, which rigged the benchmark for credit card rates and other loans, which resulted in billions of dollars in penalties.

Read more here.

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October 16, 2014