World Economy

$1.4b Settlement

$1.4b Settlement$1.4b Settlement

Commerzbank AG, Germany’s second-largest lender, will pay at least $1.4b to settle federal and state claims that it violated US sanctions laws, a person briefed on the matter said, Bloomberg reported. The settlement, part of a deferred-prosecution agreement that would also resolve a separate money-laundering matter, may come as soon as this month, said the person, in case of anonymity. The accord is the latest settlement with a global bank over dealings with blacklisted countries. Last June, BNP Paribas SA pleaded guilty to violating US sanctions laws and agreed to pay a record $8.9b to resolve the case.