BNP Paribas Reaches $90 Million Settlement With Justice Department Over Forex Practices

   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 [e-mail]

(END) Dow Jones Newswires

January 26, 2018 11:56 ET (16:56 GMT)

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