Commerzbank says may pay big to settle Iran case with U.S.

The headquarters of the Commerzbank AG is pictured before the bank’s annual news conference in Frankfurt February 13, 2014.

(Reuters) – Commerzbank on Thursday warned shareholders it may face considerable fines from U.S. authorities as a result of investigations into alleged embargo breaches with countries like Iran, Sudan and North Korea.

The bank’s New York branch had been served subpoenas and had to surrender extensive documentation to authorities, Germany’s second-largest bank said in its quarterly report.

“US authorities may impose civil and criminal sanctions on Commerzbank which may include substantial fines,” the report said.

By Reuters

 

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