Most of the media has reminded us that on August 9, 2007, BNP Paribas announced it was having problems calculating a reliable net asset value for three mutual funds. So the bank suspended redemptions. The most commonly held view is that this was the beginning – not the origin – of the crisis.
MADRID | The Corner | BNP Paribas shares rose more than 4% on Tuesday after the French lender said it could pay the landmark $8.9bn settlement with US authorities for transferring billions of dollars on behalf of Sudan and other Washington-blacklisted countries. More actors in the EU banking sector might need to pay billionaire fines.
By Jean Pisani-Ferry via Caixin | Actions by America’s Justice Department launching a probe against BNP Paribas are a reminder that the major international currency – the U.S. dollar – brings with it legal, judicial and political dimensions.
By valenciaplaza.com, in Valencia | The tide might not yet be changing but there is a constant, if slow, thread of judicial instances shaming banks in Spain and elsewhere in Europe. A court in Valencia has condemned BNP Paribas Spain to pay €44,504.89 in compensation to a client who was sold preferred shares. Specifically, the bank transferred to the client, from a contract entered into on October 26 in 2006,…