Deals
SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Legg Mason to pay $64 million for role in SocGen bribe scheme
- SocGen unit to plead guilty to corruption charge in U.S.
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Societe Generale SA will pay about $1.3 billion to resolve a probe into the bribery of Libyan officials and settle a U.S. investigation into interest-rate manipulation, drawing a line under two of the French bank’s biggest legal headaches.
SocGen will pay $585 million to resolve charges with U.S. and French law enforcement agencies related to the Libya investigation and $275 million for violations arising from helping rig benchmark interest rates including the London InterBank Offered Rate. The bank will also pay about $475 million to the U.S. Commodity Futures Trading Commission to settle the Libor probe, according to a statement on Monday from the regulator.