Dutch Housing Co. Rips SocGen In €130M Bribery Suit

Law360, London (February 22, 2021, 7:56 PM GMT) -- A Dutch housing association launched another attack in its €130 million ($151 million) bribery lawsuit against SocGen, arguing the bank has no explanation for why it allegedly made payments to a scandal-hit intermediary.

Housing association Stichting Vestia filed a Feb. 18 reply in its High Court lawsuit accusing Société Générale SA of bribing former executive Marcel de Vries into signing 19 disastrous derivatives trades between 2008 and 2011.

The bank has denied bribing de Vries through an intermediary called First in Finance Alternatives, or FIFA, and instead demanded Vestia repay millions for terminating the risky interest rate swap deals.

But lawyers for Vestia complained in its latest legal filing that...

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