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SocGen settles with US, French authorities over IBOR, Libya

Société Générale SA said June 4 that it has reached agreements in principle with U.S. and French authorities to settle investigations into the bank's interbank offered rate submissions and transactions involving Libyan counterparties.

The French lender said it has agreed with the U.S. Department of Justice and the U.S. Commodity and Futures Trading Commission to resolve their investigations over the alleged rigging of London and euro interbank bank offered rates, while the U.S. DOJ and the French Parquet National Financier, or PNF, will resolve their investigations into SocGen's transactions with the Libyan Investment Authority.

SocGen said the settlements with the PNF and the DOJ remain subject to judicial approval and have been submitted to French and U.S. courts for hearings slated for June 4 and June 5, respectively. The bank added that the undisclosed monetary penalties for the matters are fully covered by the provisions in its accounts so they will not have an impact on its results.

In early May, sources told Bloomberg News that the settlement could reach as much as $1 billion. SocGen Deputy CEO Séverin Cabannes said in March that the €1 billion of provisions the bank had earmarked for the two cases were sufficient.