SocGen Spends "Over $1 Billion" To Avoid Day In Court

French banking group Societe Generale has signed a confidential settlement agreement with the Libyan Investment Authority (LIA), the terms of the settlement were not disclosed.

The settlement has now resolved all matters between both parties concerning five financial transactions between 2007 and 2009 that have been the subject of legal action in the English High Court, the bank said yesterday in a statement.

According to various media reports, the settlement fee was around €963 million ($1.05 billion).

The bank said in a statement: “Societe Generale wishes to place on record its regret about the lack of caution of some of its employees Societe Generale apologises to the LIA and hopes that the challenges faced at this difficult time in Libya's development are soon overcome.”

Leading industry publication WealthBriefing reported last year that Societe Generale was found to be involved in a cartel of banks, that was active between September 2005 and May 2008, after an investigation into the breach of EU antitrust rules by fixing Euribor, the Euro Interbank Offered Rate at which banks lend money to each other.

Source:wealthbriefing

Nick Kalikajaros 2017