BNP Paribas SA unfairly fired an executive identified by New York’s banking regulator in an investigation into banned transactions with Iran, Cuba and Sudan, a London employment tribunal judge found in an order settling the case.
Christopher Marks, former global head of debt capital markets, sued BNP Paribas at a labor court after the bank was ordered to cut ties with him and 12 other employees by New York banking regulator Benjamin Lawsky.
London Judge Simon Auerbach said Wednesday both sides agreed the tribunal should rule that Marks was unfairly dismissed as part of a settlement agreement. The terms of the pact weren’t revealed.
There was a substantial amount of money at stake in the lawsuit, Judge Auerbach said at a hearing Tuesday. The trial, scheduled to start June 22, was delayed while BNP and Marks negotiated a deal.
Marks 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 sanctions. BNP Paribas admitted last July that it processed almost $9 billion in banned transactions from 2004 to
Marks’ lawyer, Peter Bibby, and Richard Newman, a spokesman for BNP, declined to comment.