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BNP Paribas to Pay $80 Million for False Claim Act Violations

Jaclyn Jaeger | July 25, 2014

French banking giant BNP Paribas' regulatory troubles continue after the bank agreed this week to pay $80 million to the Department of Justice to resolve allegations that it violated the False Claims Act.

The United States filed a lawsuit, United States v. BNP Paribas, against BNP Paribas to resolve allegations that it submitted false claims for payment guarantees issued by the Department of Agriculture’s Supplier Credit Guarantee (SCG) Program. The program provides payment guarantees to U.S.-based exporters for their sales of grain and other agricultural commodities to importers in foreign countries. 

The program encourages U.S. exporters to sell U.S. agricultural commodities to foreign importers and covered part of the losses if the foreign importers failed to pay....

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