BNP Paribas Pays $350M To Settle NY Currency Probe

Law360, New York (May 24, 2017, 6:01 PM EDT) -- French bank BNP Paribas was fined $350 million by the New York State Department of Financial Services for lax oversight in its foreign-exchange business that allowed “nearly unfettered misconduct” by more than a dozen employees involved in exchange rate manipulation, officials announced Wednesday.

From 2007 through 2013, a trader on the bank’s New York desk, identified in the consent order as Jason Katz, ran a number of schemes with more than a dozen BNPP traders and salespeople on key foreign exchange trading desks to manipulate prices...
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