Bloomberg: Commerzbank AG, Germany’s second-largest lender, will probably agree in coming weeks to a settlement of at least $650 million with U.S. regulators over allegations of sanctions violations involving Iran. The resolution of Commerzbank’s case is likely to involve a deferred-prosecution agreement, similar to other settlements involving sanctions violations reached in recent years.
Bloomberg
By Greg Farrell
Commerzbank AG (CBK), Germany’s second-largest lender, will probably agree in coming weeks to a settlement of at least $650 million with U.S. regulators over allegations of sanctions violations involving Iran, said a person familiar with the matter.
The resolution of Commerzbank’s case is likely to involve a deferred-prosecution agreement, similar to other settlements involving sanctions violations reached in recent years, said the person, who asked not to be identified because the negotiations are confidential.
The Frankfurt-based bank is in talks with the Justice Department, the Federal Reserve, the Manhattan District Attorney’s Office and New York’s Department of Financial Services.
The $650 million figure, and the likelihood that a deal would be reached in the next few weeks, was reported earlier by Reuters.
Duncan King, a U.S.-based spokesman at Commerzbank, declined to comment. Peter Carr, a Justice Department spokesman, declined to comment on the talks or whether the settlement would include a deferred prosecution agreement.
