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EU cuts SocGen antitrust fine by about half to 227.7 mln euros

By  |  April 6, 2016

European Union antitrust regulators have cut Societe Generale’s rate rigging fine by 49 percent to 227.72 million euros ($259.24 million) after the French lender recalculated the value of its sales.

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    France’s second-largest bank was hit with a fine of 446 million euros in December 2013, one of seven banks charged with rigging the euro interbank offered rate (Euribor) as a cartel.

    “The amended fine is based on the amended value of sales data provided by Societe Generale in February 2016 after the bank realised that it had initially provided incorrect data to the Commission,” the European Commission said in a statement.

    Full content: Reuters

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