Credit Agricole Will Pay €88 Million to Settle Cum-Cum Probe (3)

Credit Agricole SA’s investment banking arm agreed to pay about €88 million ($103 million) to settle a French criminal probe into allegations the lender carried out trades designed to escape taxes on dividend payments.

The deal was outlined and approved in court on Monday by Paris judge Peimane Ghaleh-Marzban. It brings to an end the investigation into so-called Cum-Cum transactions at Credit Agricole Corporate & Investment Bank.

“A bank is for the first time taking responsibility” for its part in the trading activities sometimes referred to as dividend arbitrage, said Claire Le Maner, a prosecutor at the Parquet ...