BNP Paribas Yanking Funding From Dakota Access Pipeline

Law360, New York (April 5, 2017, 7:44 PM EDT) -- BNP Paribas on Wednesday became the third bank to announce the sale of its share in the loan financing the controversial Dakota Access Pipeline, citing “an extended and comprehensive review of the project, including consultation with all the relevant stakeholders.”

In a short press release, the bank said it is divesting its $120 million stake in the $2.5 billion credit facility for the project, which is led by Citibank NA and was initially backed by 17 syndicate banks.

“The sale of our stake signals the importance of full and detailed consultation on projects that impact large numbers of stakeholders,” the release...

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