SocGen appeals against Euribor fine, claiming miscalculation


Societe Generale has appealed against the $613.4m fine it paid last year for manipulating benchmark interest rates, saying regulators had miscalculated it.

Reuters reports that in an appeal lodged in February and published on the website of the Official Journal of the European Union on Monday, Societe Generale claimed that the court should reduce "to an appropriate amount" the fine, which followed attempts by an employee to manipulate the Euribor rate between March 2006 and May 2008.

The bank said it saw an 'error of assessment' in the choice of method to calculate sales values, which it said did not 'reflect the respective positions of the banks against which the action has been brought on the relevant market'.

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SocGen appeals Euribor fine

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