Court Ruling On BNP Suit Brings FX Losses To Light State Bank Of Albania Reportedly Scalds 18 Banks
BANKS
A New York court ruling against the Banque Nationale de Paris (BNP) late last month has brought to the surface large foreign exchange settlement losses by major banks in a case that has hitherto been kept closely under wraps by those involved. The case, reported in the French business newspaper, l'Agefi, concerns $240 million in failed foreign exchange settlements by the State Bank of Albania some two years ago when the Communist government lost power.
BNP, one of some 18 European banks
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