SocGen Sets Aside €1.1B To Cover US Sanctions Fines

Law360, London (September 4, 2018, 1:24 PM BST) -- Societe Generale SA revealed on Tuesday that it has set aside €1.1 billion ($1.27 billion) to settle expected fines by various U.S. authorities for violations of U.S. economic sanctions laws.

France-based Societe Generale SA has been investigated by six U.S. authorities over transactions the bank has processed, and said Tuesday it has set aside €1.1 billion to settle expected fines. (AP) The sum represents the lion's share of the €1.43 billion that the banking and insurance group expects to pay to settle regulatory wrangles overall.

SocGen has been investigated by six U.S. authorities — including the U.S. Department of the Treasury's Office...

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