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U.S. Said to Seek More Than $3.5 Billion From BNP Paribas

U.S. authorities are seeking more than $3.5 billion from BNP Paribas SA to settle federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to people familiar with the matter.

The agreement, which could be the largest penalty for sanctions violations, is still being negotiated and the amount could fluctuate, said four people who asked not to be named because the discussions are private. U.S. prosecutors are also seeking a guilty plea from BNP, which said last month it may need more than the $1.1 billion it has set aside to settle the case. The agreement could come in the next month, the people said.