BNP Paribas has reached an out-of-court settlement with a French consumer group to compensate with an undisclosed sum those customers who subscribed to Swiss-franc denominated mortgages during the 2008 financial crisis.

The agreement, confirmed on 2 January by consumer group CLCV and the French banking group's BNP Paribas Personal Finance consumer credit unit, relates to a case in which French customers alleged they were misled about currency risk associated with the bank's Helvet Immo loans. Borrowers took a financial hit when the Swiss franc soared against the euro during the onset of the eurozone's debt crisis in 2010.