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Societe Generale SA agreed to pay $105 million to settle U.S.
investor litigation accusing the French financial institution of violating antitrust
regulation by conspiring with rivals to rig Euribor, a key European
rate of interest benchmark, Pattern reviews on the subject of Reuters.
A preliminary settlement was filed late Friday with the U.S.
District Courtroom in Manhattan, and requires a choose’s approval.
If authorized, the accord would imply buyers have obtained
$651.5 million of settlements with seven banks.
Banks that beforehand settled for a mixed $546.5 million are
Barclays Plc (BARC.L), Citigroup Inc (C.N), Credit score Agricole,
Deutsche Financial institution AG, HSBC Holdings Plc and JPMorgan Chase & Co.
Euribor is the euro-denominated equal of the previous Libor
charge benchmark.
Buyers together with the California State Lecturers’ Retirement
System pension fund accused banks of rigging Euribor and fixing
costs of Euribor-based derivatives from June 2005 to March 2011 to
revenue at their expense.
Societe Generale denied wrongdoing in agreeing to settle, courtroom
papers present.
The case is Sullivan et al v. Barclays Plc et al, U.S. District
Courtroom, Southern District of New York, No. 13-02811.
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