U.S. Begins Settlement Talks With Commerzbank : Reports

US authorities have begun settlement talks with German lender Commerzbank AG (CRZBY.PK), over its alleged dealings with Iran and other countries blacklisted by the United States, according to media reports citing people familiar with the matter.

Commerzbank may incur penalties of at least $500 million as part of a deferred-prosecution agreement with authorities as soon as summer in the U.S., the reports said.

Bloomberg reported that the probe is part of a U.S. crackdown on financial institutions for handling funds linked to blacklisted nations that led to a record $8.9 billion fine against French lender BNP Paribas SA (BNP.L, BNPQY.PK), Crédit Agricole SA (CRARF.PK) and Societe Generale SA (SCGLF.PK,SCGLY.PK), German lender Deutsche Bank AG (DB) and Italian banking giant UniCredit SpA (UNCFF.PK) are among other lenders being investigated by U.S. authorities.

The Manhattan District Attorney's office is reportedly working with the Justice Department, New York's banking regulator and the Federal Reserve on the Commerzbank investigation.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Boeing expects Europe's commercial aviation fleet to need 8,705 new airplanes through 2040 to cater to the growing leisure travel market in the region and fleet replacements with more fuel-efficient models, according to the Boeing's 2021 Commercial Market Outlook (CMO), an annual forecast of long-term demand for commercial airplanes and services. The U.S. Food and Drug Administration authorized marketing of a software developed by Paige.AI, a provider of AI-based digital diagnostics, which could help pathologists to identify prostate cancer. The software, called Paige Prostate, is the first and only artificial intelligence or AI-based pathology product to receive FDA approval for in vitro diagnostic or IVD use in detecting cancer... General Mills (GIS) said its first-quarter top- and bottom-line results were ahead of its expectations. The company also reaffirmed its fiscal 2022 outlook. Looking forward, General Mills anticipates changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer...
Follow RTT