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Report: EU reduces SocGen's EURIBOR rigging fine

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Report: EU reduces SocGen's EURIBOR rigging fine

The European Commission said April 6 that it 's penalty forEURIBOR manipulation to €227.7 million from €445.9 million, Reuters reportedApril 6.

The EC said the reduced fine was based on the verified valueof sales data provided by SocGen in February, after the lender realized thatthere was a miscalculation of its sales values. The change meansthat the collective penalty imposed by the EC in December 2013 on variousinternational financial institutions over EURIBOR rigging fell to €1.49 billionfrom €1.71 billion, Reuters noted.