Societe Generale is challenging “the method of calculation used by the European Commission to determine the amount” of its 446 million-euro penalty levied on Dec. 4, the Paris-based bank said in a statement today. The EU decision was part of settlements with eight companies, including Deutsche Bank AG (DBK) and Royal Bank of Scotland Group Plc. (RBS)
The French bank’s appeal is the first legal challenge by a company in a settlement since the process was introduced by regulators in 2008. In exchange for settling cases, companies usually get a 10 percent discount on fines. Settlers admit liability and can be sued for damages by victims of the cartel.
Deutsche Bank was fined 725 million euros in the case, the biggest single penalty, and RBS got a 391 million-euro penalty. The combined fines for manipulating the yen London interbank offered rate and Euribor are the largest-ever EU cartel penalties.
Societe Generale, which was fined for rigging Euribor, filed the appeal with the EU General Court on Feb. 14, the Luxembourg-based tribunal’s press office said.
Antoine Colombani, a spokesman for EU Competition Commissioner Joaquin Almunia, declined to comment.
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