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SocGen to pay $860M in FCPA and LIBOR case

Jaclyn Jaeger | June 4, 2018

French banking group Société Générale and its wholly owned subsidiary, SGA Société Générale Acceptance, will pay a combined total penalty of more than $860 million to resolve charges with criminal authorities in the United States and France. These penalties include $585 million relating to a multi-year scheme to pay bribes to officials in Libya, and $275 million for violations arising from its manipulation of the London InterBank Offered Rate (LIBOR). 

According to the Department of Justice, SGA Société Générale Acceptance will plead guilty in the Eastern District of New York concerning the resolution of the foreign bribery case. Together with approximately $475 million in regulatory penalties and disgorgement that Société Générale has agreed to pay to the Commodity Futures Trading Commission (CFTC) for the LIBOR scheme, the total penalties to... To get the full story, subscribe now.