REPORT: BNP Paribas Will Be Suspended From Trading In US Dollars

Bnp paribasREUTERS/Yves HermanPeople leave BNP Paribas Fortis headquarters in Brussels September 18, 2013.

The Wall Street Journal’s Devlin Barrett and Christopher M. Matthews report that U.S. prosecutors have reached a settlement over fraud claims at BNP Paribas that will see the French firm temporarily banned from trading in U.S. dollars.

The Journal reporters say BNP faces a penalty of up to $US9 billion. The bank is accused of intentionally hiding $US30 billion-worth of transactions that violated U.S. sanctions. The dollar-trading ban would last several months, the pair write. President Francois Hollande has said the ban threatens the economic stability of the Eurozone.

The New York Department of Financial Services has also demanded the firings of 30 employees said to be involved in the allegedly illicit trades.

Click here to read the full story on WSJ.com »

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