Société Générale: US administration drops charges

(CercleFinance.com) - Société Générale announced on Friday that the Department of Justice has asked the US courts to drop the charges against the French bank.


The two proceedings concerned the Libor and Libya cases on the one hand, and compliance with economic sanctions imposed by the United States, on the other.

Both decisions follow the end of the stay of proceedings agreement that was entered into in November 2018 with the US authorities in relation to economic sanctions.

In a statement, the bank stated that it had mobilised "very significant" resources and means to strengthen its compliance and control system and to prevent the risks of regulatory violations.



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