Iran Economy News Commerzbank said near $650 million settlement on Iran

 Commerzbank said near $650 million settlement on Iran

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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. 

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