Societe Generale Draws Line Under Two Legal Cases in the US
03 Dezember 2021 - 9:35AM
Dow Jones News
By Cristina Roca
Societe Generale SA France said Friday that the U.S. Department
of Justice has requested the dismissal of two cases involving the
bank.
The legal proceedings ended after the bank complied with its
obligations per the deferred prosecution agreements it struck with
the U.S. authorities three years ago.
The first case related to allegations that the bank had
processed and concealed billions of dollars in transactions related
to countries under sanctions. Societe Generale in November 2018
agreed to pay about $1.3 billion in penalties.
The second case concerned the bank's alleged manipulation of
Libor rates and transactions involving Libyan counterparts. The
French bank agreed in June 2018 to pay roughly $1.3 billion to
settle claims by U.S. and French authorities.
For both cases, there had been a three-year probation period,
following which it was agreed that the bank wouldn't be prosecuted
if it followed the terms of the agreements.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
December 03, 2021 03:20 ET (08:20 GMT)
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