Reuters: U.S. to begin settlement talks with Commerzbank, Deutsche Bank

U.S. authorities are starting to discuss settlement options with Commerzbank (CRZBF, CRZBY) and Deutsche Bank (DB) for their money transfer operations which evaded U.S. sanctions, Reuters reports. The banks are accused of transferring money on behalf of companies in Iran and Sudan.

Commerzbank, is likely to settle with a deferred prosecution agreement that would suspend criminal charges in exchange for a financial penalty and other concessions. The NYT reports the bank could likely pay at least $500M, although the the timing of the deal is still unclear. The bank set aside $1.3B at the end of 2013 as a provision for litigation risks, including a possible U.S. investigation.

The new litigation comes after last week's BNP Paribas settlement for $9B.

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Comments (8)
  • Puma69
    , contributor
    Comments (160) | Send Message
    But now USA is joining Iran in the fight against ISIS. Funny how fast things change.
    8 Jul 2014, 03:41 AM Reply Like
  • Danese
    , contributor
    Comments (100) | Send Message
    Then BNP & Commerzbank & Deutsche can sue US for violating their own sanctions...or get a refund with interest for the grotesque fines
    8 Jul 2014, 07:33 AM Reply Like
  • SaltyDog62
    , contributor
    Comments (840) | Send Message
    The admin needs to pay for those border jumpers, put it to good use EH.
    8 Jul 2014, 03:43 AM Reply Like
  • Strike
    , contributor
    Comments (2283) | Send Message


    Why hasn't the E.U. fined U.S. banks for financing the illegal invasion of Iraq?


    Why hasn't the E.U. fined GS, ML and the other U.S. 'institutions' for creating a Ponzi scheme that caused vastly more harm, to a vastly larger number of people, than the circumvention of U.S. sanctions on Iran?


    How many U.S. pensions were decimated by derivatives?


    How many Greeks became unemployed through GS's manipulation of Greece's national accounts and its direct role in creating the Greek bubble?



    If BNP got hit with $ 8 billion, the fines on U.S. banks should exceed $ 1 trillion.


    Oh, silly me, I forgot every nation has to obey U.S. laws, and the U.S. doesn't have to obey anyone else's.
    8 Jul 2014, 05:11 AM Reply Like
  • Trader's Profit Compass
    , contributor
    Comments (2072) | Send Message
    Eric Holder......historically speaking, he's the best Bank Heist man ever. Jesse James couldnt hold a candle to this guy. What is he up to now??? $100B ?? or is it way more than that?
    8 Jul 2014, 07:24 AM Reply Like
  • John Georgiou
    , contributor
    Comments (234) | Send Message
    USA & EU .... realtionship continue lowing
    a) Defferent politic in UKRAINE
    b) US-EU negotiations for taxfree import/exports paused
    c) Germans continue fire-up .... spy-stuff
    d) opposite economy-cycle US are in recovery ...... EU goes from bad to worse.

    8 Jul 2014, 07:28 AM Reply Like
  • FrankJFattizzi
    , contributor
    Comments (547) | Send Message
    We must do whatever it takes to maintain the integrity of the banking system. Sometimes there will be fraud. Sometimes they will manipulate markets. Sometimes they will fleece their own clients. Sometimes they will lie cheat and steal. But what is important is they have substantial bonus pools every year. We must focus on that.
    8 Jul 2014, 08:15 AM Reply Like
  • june1234
    , contributor
    Comments (4504) | Send Message
    How much? OK. See you at the club this weekend.
    8 Jul 2014, 08:38 AM Reply Like
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