BNP Paribas Nears $9 Billion Settlement With Justice Department

Sources are reporting that BNP Paribas SA (EPA:BNP) (OTCMKTS:BNPQY) and U.S. prosecutors have reached a broad level agreement whereby the French bank would pay $8 billion to $9 billion to settle allegations it violated U.S. sanctions relating primarily to Sudan between 2002 and 2009.

The proposed settlement could include the French bank pleading guilty to a criminal charge of violating the International Emergency Economic Powers Act.

BNP Paribas in DOJ’s target zone

According to an earlier report from The Wall Street Journal, the U.S. Justice Department has BNP Paribas SA (EPA:BNP) (OTCMKTS:BNPQY) in its sights, seeking to make the French bank pay a $10 billion fine to put to rest a...