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U.S. judge dismisses sanctions case against Barclays

Dec 05 2012 Aruna Viswanatha, Reuters

A federal judge ended a two-year-old case against Barclays involving its dealings with sanctioned countries, closing one investigative chapter against the bank even as it faces multiple continuing inquires. In an order filed on Monday and entered into the docket on Tuesday, U.S. District Judge Emmet Sullivan granted a request to dismiss charges the U.S. filed against the bank in August 2010. At the time, Barclays agreed to forfeit $298 million and enter a deferred prosecution agreement to resolve charges that it processed transactions for customers in Cuba, Iran, Sudan and other countries subject to U.S. economic sanctions. Under such an agreement, the Justice Department agrees to dismiss the case after several years if the defendant abides by the terms of the deal. In a Washington hearing when the settlement was originally filed, Sullivan decried it as a "sweetheart deal" and questioned whether it amounted to a fine if the bank only paid back the money

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