DOJ May Levy Record-Setting Fine Against BNP Paribas

The Justice Department may seek a more than $10 billion penalty against BNP Paribas to settle a criminal investigation of the bank, The Wall Street has reported. The French bank is under scrutiny for allegedly conducting business with countries under U.S. sanctions, including Iran. The government may be looking to use the recent Credit Suisse guilty plea as precedent to force BNP to admit to wrongdoing. BNP has said it fears that penalties may far exceed the $1.1 billion the bank has set aside to pay U.S. regulators.