Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

SocGen says to pay $1.3 billion to settle U.S., French probes

Published 06/04/2018, 01:27 PM
Updated 06/04/2018, 01:30 PM
© Reuters. A man passes by the logo on the headquarters of French bank Societe Generale at the financial and business district of La Defense at Puteaux near Paris
SOGN
-

PARIS (Reuters) - Societe Generale (PA:SOGN) said on Monday it had agreed to pay around $1.3 billion in penalties to authorities in the United States and in France to resolve investigations into its transactions in Libya and its handling of money market rates.

The French bank said the fines were covered by existing provisions and would have no impact on its results, adding that the money set aside for litigation would stand at 1.2 billion euros ($1.40 billion) following these settlements.

SocGen said no independent compliance monitor had been imposed by U.S. authorities as a result of the settlement.

It added that one of its subsidiaries which issues investment products in the United States had pled guilty in connection to the Libya probe but that it would have no impact on "its ability to perform its obligations as an issuer."

© Reuters. A man passes by the logo on the headquarters of French bank Societe Generale at the financial and business district of La Defense at Puteaux near Paris

($1 = 0.8553 euros)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.