SocGen Hits Back With Fee Claim In Dutch Bribery Suit
Law360, London (January 13, 2021, 7:19 PM GMT) -- SocGen argued it should be able to collect millions in contract termination fees from Stichting Vestia after the Dutch housing association accused it of bribery in a London lawsuit.
Societe Generale SA lodged a counterclaim Friday in housing association Stichting Vestia's High Court lawsuit seeking €130 million in damages for allegedly indirectly bribing its treasurer to buy ruinous derivatives.
SocGen said payments it made to intermediary First in Finance Alternatives, known as FIFA, which were then allegedly passed on to Vestia's treasurer, Marcel de Vries, between 2008 and 2011, were for services provided by FIFA.
"They were not paid by SocGen as...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!