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BNP Paribas board approves $8.9B settlement

Jun. 30, 2014 1:50 AM ETBNP Paribas SA (BNPQF) StockBNPQY, BNPQF, BNPZYBy: Yoel Minkoff, SA News Editor3 Comments
  • The BNP Paribas (OTCQX:BNPQF) board has approved an $8.9B settlement, following the investigation of U.S. authoritites into $30B of transactions which avoided economic sanctions. More than a dozen employees are also expected to leave the bank as a result of the negotiations.
  • BNP is expected to plead guilty to the charge today, and announce the hefty settlement. With regards to the suspension on BNP's U.S. dollar clearing service, it was reported that the bank has won a stay of execution, postponing it for six months.
  • Last week, BNP Paribas stated plans to cut its dividend and sell billions in bonds as a result of the record payout.

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