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Commerzbank paying $1.7B to settle charges

Mar. 12, 2015 12:58 PM ETCommerzbank AG (CRZBY) StockCRZBYBy: Stephen Alpher, SA News Editor
  • “When there was profit to be made, Commerzbank (OTCPK:CRZBY +0.2%) turned a blind eye to its anti-money laundering compliance responsibilities," says New York DFS chief Ben Lawsky as the bank settles charges for $1.45B, and agrees to fire certain employees and install an independent monitor.
  • Separately, the Fed announces a $200M penalty against the German lender, and is investigating whether charges should be aimed at individuals at the bank who were involved in the illegal actions.
  • Previously: Bloomberg: Commerzbank near settlement with DOJ (March 10)

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