Commerzbank fined €1.32bn for violations

Commerzbank and lawyers for the US government gained federal court approval of a $1.45bn (€1.32bn) agreement to defer prosecuting the lender for violating US laws, including sanctions on doing business with Iran and Sudan.

Germany’s second-largest lender will pay penalties to government agencies including the Manhattan District Attorney’s office, Federal Reserve and the Treasury Department.

The Frankfurt-based bank conceded the allegations, which included aiding accounting fraud at Olympus.