SocGen set to win cut to $500m rigging fine

Societe Generale Still

Societe Generale is set to win a cut to its $500m penalty levied by European Union antitrust regulators for rigging benchmark interest rates after the bank withdrew its EU court challenge.

Bloomberg News reports that the European Commission will retract its 2013 decision and issue a new one reducing the previous penalty, the lender said. The size of the reduction hasn’t been disclosed.

Societe Generale was fined for rigging Euribor as part of settlements with eight companies, including Deutsche Bank and Royal Bank of Scotland, which yielded a record $1.9bn in penalties. The lender appealed how the levy was calculated to the EU General Court, which was the first legal challenge by a company in a cartel settlement since the process was introduced in 2008.

“In the course of its appeal before the General Court, Societe Generale recalculated its value of sales, and provided corrected figures to the European Commission,” the bank said in an e-mailed statement.

To access the complete Bloomberg News article hit the link below:

SocGen Set to Win Cut to $500 Million EU Rate-Rigging Fine

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