By Jenny Park
U.S. federal and state authorities accused Commerzbank of dealing with Iranian companies blacklisted by the U.S. and of enabling a Japanese company to carry out accounting fraud. Commerzbank agreed to pay $1.45 billion, to admit to its conduct in a statement of facts, and to dismiss employees involved in the investigations. Although Commerzbank avoided an indictment, prosecutors can revoke the settlement if the bank misbehaves in the future. The outcome clashes with the relatively lax consequences of American banks accused of manipulating foreign currencies and other wrongdoings in foreign countries.
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