WASHINGTON – A judge who questioned whether Barclays Bank PLC was getting off too easily nonetheless approved a deal Wednesday that will likely enable the financial institution to avoid prosecution on allegations that it engaged in $500 million in illegal transactions with banks in Cuba, Iran, Libya, Sudan and Myanmar for more than a decade.

Under the arrangement with the Justice Department, Barclays will pay $298 million. The two criminal charges the bank faces will be deferred and ultimately dropped as long as the London-based bank demonstrates that it is complying with U.S. laws.

No one working at the bank was charged criminally, and the $298 million is coming out of the pockets of Barclays’ shareholders.

 


Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.