The U.S. Department of Justice’s $8.9 billion settlement with BNP Paribas in late June for criminal violations of U.S. sanctions gave prosecutors a chance to argue that they’re not afraid to get tough on big banks. But it also highlighted the advice—some of it questionable—from two big law firms that counseled BNP.
A statement of facts filed with the criminal plea deal describes how “Law Firm 1″ and “Law Firm 2″ advised the bank about prohibited transactions with Sudan, Iran and Cuba from at least 2004 to 2006. Based on a June 13 scoop by France’s Le Monde, it appears that Law Firm 1 is Cleary Gottlieb Steen & Hamilton. Our affiliate publication The Litigation Daily has confirmed that Law Firm 2 is Skadden, Arps, Slate, Meagher & Flom. Both firms declined to comment. BNP stipulated to the statement of facts, so it’s not contesting the DOJ’s version of events.
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