Commerzbank Avoids Conviction As $1.45 Billion Deal Approved

Commerzbank AG won court approval April 3 of its $1.45 billion deal to defer prosecution for violating U.S. sanctions on doing business with Iran and Sudan (U.S. v. Commerzbank AG, D.D.C., 15-cr-00031, plea of not guilty entered 4/3/15).

The bank and its New York unit accepted three years of compliance monitoring as part of the agreement with the U.S. Justice Department.

The deferred prosecution deal signed by bank officials and lawyers for both sides last month was accepted April 3 by U.S. District Judge Beryl Howell in Washington. Germany’s second- largest lender agreed to pay penalties to ...