BNP Paribas Reaches $90 Million Settlement With Justice Department Over Forex Practices
January 26 2018 - 11:11AM
Dow Jones News
By Allison Prang
BNP Paribas USA Inc. said Friday it has reached a settlement
with the Department of Justice after an investigation into whether
the bank engaged in efforts to manipulate currency rates.
The company, which is the U.S.-based subsidiary of France's BNP
Paribas SA, will pay a fine of $90 million and plead guilty to
violating the Sherman Antitrust Act, it said in a news release
Friday.
The investigation was related to the company's conduct from 2011
to 2013.
The New York State Department of Financial Services as well as
the Federal Reserve's Board of Governors had also looked into the
bank's foreign-exchange practices, the company said. BNP Paribas
USA said the settlement completes those investigations.
Last year, the company was fined by both regulators.
The company said it "deeply regrets the past misconduct that led
to this settlement, which was a clear breach" of its standards.
American depositary receipts in BNP Paribas SA were up 0.2% to
$42.30 in late Friday morning trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
January 26, 2018 11:56 ET (16:56 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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