SocGen Fights Back Against EU's $610M Euribor Penalty

Law360, New York (February 20, 2014, 5:10 PM EST) -- Societe Generale SA has decided to launch an appeal challenging the European Commission's €446 million ($610.5 million) penalty for its role in a scheme to fix the Euro Interbank Offered Rate, the French bank said on Thursday.

The lender was one of eight banks hit with a record €1.7 billion in rate-rigging fines last year, but said in an e-mailed statement that it has now filed a recourse seeking to diminish the commissions' hefty penalty.

"This recourse relates to the method of calculation used by the...
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