Commerzbank to pay US$1.45b in penalties

Chicago

COMMERZBANK AG and government lawyers gained federal court approval of a US$1.45 billion agreement to defer prosecuting the lender for violating US laws, including sanctions on doing business with Iran and Sudan.

Under the accord, Germany's second-largest lender will pay penalties to government agencies including the Manhattan District Attorney's office, the Federal Reserve and the Treasury Department. The Frankfurt-based bank conceded the allegations, which included aiding accounting fraud at Olympus Corp.