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Investing.com -- BNP Paribas SA shares fell to a six-month low in Paris trading on Monday after the bank lost a court case related to allegations it helped finance genocide in Sudan.
Shares of Europe’s biggest lender by assets dropped as much as 9.3%, marking the steepest decline since early April. The decline affected other French banks as well, with Societe Generale SA falling up to 2.1% and Credit Agricole SA declining as much as 2.2%.
The sharp drop follows a jury decision that awarded approximately $20 million to three bellwether plaintiffs out of 23,000 in a class action lawsuit. According to Bloomberg Intelligence, this verdict will increase pressure on BNP Paribas to reach a settlement.
In a statement to AFP on Saturday, BNP Paribas called the ruling "clearly wrong" and stated there are "very strong grounds to appeal the verdict," claiming it was based on "a distortion of controlling Swiss law" and excluded important evidence the bank was not allowed to present.
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