Ex-BNP Executive Marks Sues Bank After Leaving Amid Lawsky Probe

BNP Paribas SA was sued for unfair dismissal by a former executive caught up in a probe of dollar-clearing operations that led to a record fine against the bank.

Christopher Marks, the bank’s former global head of debt capital markets, left BNP Paribas last year a few months before the French lender agreed to pay a $9 billion fine to U.S. regulators for violating rules banning trades with Sudan, Iran and Cuba.

He was one of 13 executives that New York’s top banking regulator Benjamin Lawsky asked BNP Paribas to cut ties with. His lawsuit at a London employment tribunal alleges racial discrimination along with unfair dismissal.

Marks’s case is scheduled to be heard starting next week, according to court records, which didn’t provide further details about the complaint.

His lawyer, Peter Bibby. and Sarah Worsley, a spokeswoman at BNP Paribas in Paris, declined to comment.

BNP Paribas in July of last year admitted that it processed almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba. The Paris-based bank had to pay more than other banks punished for breaking sanctions because its violations were more egregious and it didn’t cooperate fully, prosecutors have said. The firm is spending 250 million euros to improve compliance.

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