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EU: French bank fights Euribor fine calculations

By  |  February 19, 2014

French bank Societe Generale is reportedly challenging the European Commission’s methods to calculate fines levied against lenders for alleged participation in an interest rate benchmark rigging scheme.

A statement released Wednesday said the bank is questioning “the method of calculation used by the European Commission” that lead to the regulator issuing $2.3 billion in fines, including $613 million for Societe Generale.

That larger fine was part of a settlement reached with several of the world’s largest banks, including Royal Bank of Scotland and Deutsche Bank, reached last December.

According to reports, the bank’s challenge is the first legal fight against a settlement since the process for determining fines was established in 2008. That process involves discounting fees by 10 percent for companies that settle with regulators and admit liability.

The Paris-based lender reportedly filed the appeal last Friday with the EU General Court.

Full Content: Bloomberg

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