BNP Hit With Record $9 Billion Fine

The banks are back in court. BNP Paribas, a French bank long investigated for violating American money laundering laws, pleaded guilty to falsifying business records and conspiracy on Monday. For helping clients avoid U.S. sanctions on Iran, Sudan, and other countries, the company will be slapped with a record $9 billion penalty. BNP also agreed to suspend certain services through New York, and tomorrow is expected to plead guilty to violating money-laundering laws. The punishment, according to an official, is due to lack of cooperation in the investigation.