Societe Generale to pay $1.3 B in fines over bribery rates

WASHINGTON – One of France’s biggest banks, Societe Generale, plead guilty in the US and paying a $585 million fine for bribes to Libyan officials to win the investments of the government. The bank also is paying $750 million to settle U.S. charges of manipulating a key global interest rate.

The actions were announced by the U.S. Department of Justice and the U.S. Commodity Futures Trading Commission. Under an agreement with the Ministry of Justice, Societe Generale will prevent a criminal prosecution on suspicion of the manipulation of the London interbank offered rate, or LIBOR, and there will be a $275 million penalty. The bank is paying a $475 million civil penalty in a separate arrangement with the CFTC.

Société Générale will plead guilty Tuesday in federal court to violating the U.S. law against foreign bribery between 2004 and 2009.

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