Economics

SocGen to Pay $1.3 Billion to Settle U.S. Sanctions Case

French lender admits to lapses related to Cuba, Iran, Sudan
Payments to DoJ, Fed, DFS, others remove ‘bulk’ of legal risks

Bloomberg’s Greg Farrell reports on Societe Generale paying a fine for violating U.S. sanctions.Markets: Balance of Power." (Source: Bloomberg)

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By Greg Farrell and Fabio Benedetti Valentini

November 19, 2018 at 5:34 PM UTC

Updated on

November 20, 2018 at 8:54 AM UTC

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Societe Generale SA settled its longstanding sanctions violations case with U.S. authorities, entering a deferred prosecution agreement with federal prosecutors and paying $1.34 billion to regulators in New York and Washington.

As part of the settlement announced on Monday, France’s third-largest bank acknowledged violations of U.S. sanctions laws against Cuba, Iran and Sudan starting as far back as 2003 and extending to 2013.