{"id":11351,"date":"2023-04-15T00:51:16","date_gmt":"2023-04-15T00:51:16","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/societe-generale-to-pay\/"},"modified":"2023-04-15T00:53:32","modified_gmt":"2023-04-15T00:53:32","slug":"societe-generale-to-pay","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/societe-generale-to-pay\/","title":{"rendered":"Societe Generale to pay $105 million in rate-rigging settlement"},"content":{"rendered":"<p>NEW YORK (Reuters) &#8211;     Societe Generale SA agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark.<\/p>\n<p>A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge&#8217;s approval.<\/p>\n<p>If approved, the accord would mean investors have obtained $651.5 million of settlements with seven banks.<\/p>\n<p>Banks that previously settled for a combined $546.5 million are Barclays Plc, Citigroup Inc, Credit Agricole, Deutsche Bank AG, HSBC Holdings Plc and JPMorgan Chase &amp; Co.<\/p>\n<p>Euribor is the euro-denominated equivalent of the former Libor rate benchmark.<\/p>\n<p>Investors including the California State Teachers&#8217; Retirement System pension fund accused banks of rigging Euribor and fixing prices of Euribor-based derivatives from June 2005 to March 2011 to profit at their expense.<\/p>\n<p>Societe Generale denied wrongdoing in agreeing to settle, court papers show.<\/p>\n<p>The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No. 13-02811.<\/p>\n<p \/>\n<p> (Reporting by Jonathan Stempel in New York, Editing by Rosalba O&#8217;Brien)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/societe-generale-to-pay\/file-photo-logo-of-societe-generale-in-nantes\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3D0WV-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3D0WV-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK (Reuters) &#8211; Societe Generale SA agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":11352,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-11351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3D0WV-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/11351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=11351"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/11351\/revisions"}],"predecessor-version":[{"id":11353,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/11351\/revisions\/11353"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/11352"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=11351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=11351"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=11351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}