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Share Name Share Symbol Market Type
Societe Generale SA EU:GLE Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.215 1.02% 21.33 21.33 21.335 21.45 21.045 21.05 3,074,133 16:29:45

Societe Generale Draws Line Under Two Legal Cases in the US

03/12/2021 8:35am

Dow Jones News


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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)

Copyright (c) 2021 Dow Jones & Company, Inc.

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