MAJOR FRENCH BANK TO PAY $1BLN FOR BRIBING LIBYAN OFFICIALS AND LIBOR MANIPULATION
SOURCE: SEATTLE TIMES
A unit of one of France’s largest banks, Societe Generale, is pleading guilty in the U.S. and the bank is paying a $585 million fine for bribing Libyan officials to win government investments. The bank also is paying $750 million to settle U.S. charges of manipulating a key global interest rate.
The actions were announced by the U.S. Justice Department and the U.S. Commodity Futures Trading Commission. Under an agreement with the Justice Department, Societe Generale will avoid criminal prosecution on charges of manipulating the London interbank offered rate, or LIBOR, and will pay a $275 million fine. The bank is paying a $475 million civil penalty in a separate settlement with the CFTC.
The Justice Department said it was the first coordinated resolution with France in a foreign bribery case.
The action “sends a strong message that transnational corruption and manipulation of our markets will be met with a global and coordinated law enforcement response,” Acting Assistant Attorney General John Cronan said in a statement.
The LIBOR rate is used to set lending rates for trillions of dollars in transactions around the world, including mortgages, bonds and consumer loans. A number of major international banks already have paid settlements totaling billions of dollars in the rate-rigging scandal that broke in 2012. Units of JPMorgan Chase and Citigroup, Britain’s Barclays, Switzerland’s UBS and Germany’s Deutsche Bank also have signed deferred prosecution agreements.www.fotavgeia.blogspot.com
SOURCE: SEATTLE TIMES
A unit of one of France’s largest banks, Societe Generale, is pleading guilty in the U.S. and the bank is paying a $585 million fine for bribing Libyan officials to win government investments. The bank also is paying $750 million to settle U.S. charges of manipulating a key global interest rate.
The actions were announced by the U.S. Justice Department and the U.S. Commodity Futures Trading Commission. Under an agreement with the Justice Department, Societe Generale will avoid criminal prosecution on charges of manipulating the London interbank offered rate, or LIBOR, and will pay a $275 million fine. The bank is paying a $475 million civil penalty in a separate settlement with the CFTC.
The Justice Department said it was the first coordinated resolution with France in a foreign bribery case.
The action “sends a strong message that transnational corruption and manipulation of our markets will be met with a global and coordinated law enforcement response,” Acting Assistant Attorney General John Cronan said in a statement.
The LIBOR rate is used to set lending rates for trillions of dollars in transactions around the world, including mortgages, bonds and consumer loans. A number of major international banks already have paid settlements totaling billions of dollars in the rate-rigging scandal that broke in 2012. Units of JPMorgan Chase and Citigroup, Britain’s Barclays, Switzerland’s UBS and Germany’s Deutsche Bank also have signed deferred prosecution agreements.www.fotavgeia.blogspot.com
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