SocGen `Mistake' Earns Bank $248 Million Cut to Euribor Fine
- EU says SocGen `made a mistake' in submitting revenue data
- Bank's Euribor penalty cut to about 228 million euros
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Societe Generale SA’s calculation “mistake” won the bank a 218 million-euro ($248 million) windfall after European Union antitrust regulators slashed its half-billion dollar penalty for rigging benchmark interest rates.
The European Commission modified its 2013 decision after Societe Generale “made a mistake when submitting the initial data,” the EU authority said in a statement on Wednesday. The amended fine of about 228 million euros is based on corrected value of sales supplied by SocGen in February, the commission said.