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Report: Commerzbank ordered to reinstate banker fired as part of $1.45B settlement

A judge in a Frankfurt court ordered to reinstate a bankerwho had been fired at the New York Department of Financial Services' request,Bloomberg News reported July 13.

The NYDFS asked Commerzbank to the banker, who was identified asLars C., along with three others as part of a $1.45 billion with U.S. regulators in 2015for money laundering and sanctions violations. All four filed wrongfuldismissal cases and won their jobs back, but Commerzbank appealed three of thecases before ultimately dropping two appeals.

Presiding Judge Charlotte Gieraths ruled that Lars C. didnot violate U.S. sanctions against Iran and that Commerzbank did not disciplinethe employee before dismissing him, Bloomberg reported.

"We also take from the language in the consent orderthat the New York banking regulator accepted that Commerzbank can keep theemployee if a German court finds he cannot be dismissed," the judge added,signifying that Commerzbank was not under absolute pressure to fire Lars C. Thebank previously argued that its hands were tied on the dismissals.

Commerzbank was granted the right to appeal the rulingagain, according to the report.