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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI