STOCK MARKET WATCH -- Thursday, 10 July 2014

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27. Commerzbank May Pay Up To $800 Million To Settle A US Probe Into Dealings With Sanctioned Countries

http://www.businessinsider.com/r-exclusive-commerzbank-may-pay-600-million-800-million-to-settle-us-probe---sources-2014-09

NEW YORK (Reuters) - German lender Commerzbank AG is expected to pay between $600 million and $800 million to resolve investigations into its dealings with Iran and other countries under U.S. sanctions, sources familiar with the matter said.
The penalty, previously reported to be more than $500 million, includes a demand from New York's top banking regulator, Benjamin Lawsky, for more than $300 million from the bank, the sources said.

Other U.S. authorities, including the Department of Justice, the Treasury Department, the Federal Reserve and the Manhattan District Attorney, are also involved in the talks.

Among the violations being investigated are Commerzbank's transactions for the Islamic Republic of Iran Shipping Lines, one of the sources said.



Read more: http://www.businessinsider.com/r-exclusive-commerzbank-may-pay-600-million-800-million-to-settle-us-probe---sources-2014-09#ixzz373ubgkca