French bank Societe Generale has reportedly appealed a $613.5 million fine issued for alleged manipulation of the Euribor benchmark rate, claiming authorities miscalculated the penalty.
The appeal was filed in February but not published until Monday, when it appeared on the Official Journal of the European Union website. In its appeal, the bank argues the court should reduce the fines “to an appropriate amount.”
The lender, which is the nation’s second-largest, was fined after authorities found it to have manipulated the benchmark between 2006 and 2008; the penalties were part of a broader investigation that lead to the European Commission fining about $2 billion to six financial groups.
Full content: Reuters
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