Economics
Credit Agricole Said to Be Near $800 Million Sanction Settlement
- Deal with Justice Department, others seen as soon as this week
- Deutsche Bank, Societe Generale, UniCredit probes still open
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Credit Agricole SA will pay as much as $800 million to settle a U.S. probe into violations of sanctions against Iran and Sudan as soon as this week, according to two people briefed on the matter.
The deal will feature a deferred-prosecution agreement with the U.S. Justice Department, allowing the French lender to avoid a criminal conviction while admitting it broke U.S. laws a decade ago by handling business involving parties from the blacklisted countries, the people said.