Sullivan & Cromwell leads on BNP Paribas’ Cuba litigation crisis

Sullivan & Cromwell client BNP Paribas was sentenced to five years probation by a US district court last week, following a billion-dollar settlement to end claims that it violated trading sanctions against Sudan, Cuba and Iran between 2004 and 2012.

The bank agreed to pay out a further $140m as part of the sentence on top of a record $8.9bn settlement to resolve the claims following a guilty plea.

BNPP general counsel Georges Dirani also accepted terms that require BNPP to enhance its compliance and regulatory procedures.

Sullivan & Cromwell represented the bank as one of its panel firms, in a team led by litigation co-managing partner Karen Patton Seymour.

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