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BNP Paribas ordered to pay former exec €861,500 for unfair dismissal in 2014

The Paris Court of Appeal ordered BNP Paribas SA to pay former executive Dominique Remy €861,500 for unfairly firing him in 2014 when the French bank was fined nearly $9 billion by U.S. authorities for violating sanctions, Bloomberg News reported.

Remy, who served as head of structured finance at the lender's corporate and investment bank, was one of 12 employees demanded by U.S. regulators to be fired as part of a settlement with the bank. The court noted BNP Paribas had failed to act against Remy within time even though the bank was aware of his "inappropriate behavior" and that he and his team were breaching U.S. embargoes.

The compensation means Remy has received €1.2 million following his dismissal. He was awarded €360,000 by a Paris employment tribunal in 2017, according to the newswire.