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Obama Says He’ll Stay Out Of BNP Paribas Settlement Talks

Obama Says He’ll Stay Out Of BNP Paribas Settlement Talks

Law360, New York (June 05, 2014, 12:17 PM ET) — President Barack Obama said Thursday that he would not intervene in a federal and local government probe of French bank BNP Paribas SA that could result in a $10 billion fine and guilty plea despite concerns France’s president raised about the potential penalties.

Speaking at a press conference following the G-7 summit in Brussels, Obama said that any decisions about prosecuting BNP would be made by the U.S. Department of Justice and federal and state regulators looking into alleged sanctions violations by the bank.

“The tradition…

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