SocGen Is Ready to Pay Up to $1 Billion to End U.S. Probes
- French authorities will receive a portion of the penalties
- Settlement would resolve Libor rigging, Libya bribery cases
Photographer: Balint Porneczi/Bloomberg
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Societe Generale SA is nearing an agreement to pay as much as $1 billion to resolve two U.S. probes -- into the rigging of benchmark interest rates and allegations of bribery in Libya -- according to people familiar with the matter.
The settlement deals with the U.S. Justice Department, which the people said could be announced as soon as this week, would end years of scrutiny that led to rate-rigging charges against Societe Generale bankers and the departure of deputy CEO Didier Valet in March.