Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Ex-Societe Generale banker wins U.S. appeal in Libor-rigging case

EconomyAug 05, 2021 03:36PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Jonathan Stempel

NEW YORK (Reuters) -A former head of Societe Generale (OTC:SCGLY) SA's Treasury desk in Paris can stay in France, rather than travel to the United States, to defend against U.S. charges she tried to rig the Libor benchmark interest rate, a U.S. court ruled on Thursday.

Reversing a lower court ruling, the 2nd U.S. Circuit Court of Appeals in Manhattan said Muriel Bescond was not a fugitive and need not cross the Atlantic Ocean, and risk detention, to seek a dismissal of her indictment.

"All Bescond has done is stay home, where she remained during the allegedly criminal scheme, and where her government permits her to live freely," Circuit Judge Dennis Jacobs wrote for a 2-1 majority. "Her reasons for litigating from home are legitimate and fair."

France does not extradite its own citizens.

The office of Acting U.S. Attorney Jacquelyn Kasulis in Brooklyn, which is prosecuting Bescond, declined to comment.

Bescond's lawyer Laurence Shtasel said he was pleased with the decision and looked forward to further court proceedings.

Banks long used Libor to price various financial contracts, and set rates on mortgages, credit cards and other loans.

Bescond and her boss Danielle Sindzingre, who was SocGen's global head of treasury, were charged in 2017 with preparing inaccurately low Libor submissions in 2010 and 2011.

They did this to make it appear SocGen was borrowing money at lower rates than it was, and protect SocGen's reputation as a sound bank, prosecutors said.

In May 2019, U.S. District Judge Joanna Seybert in Central Islip, New York said Bescond's fugitive status meant she could not seek the indictment's dismissal.

Jacobs called that an abuse of discretion.

He said Bescond did not try to flee or avoid arrest, and that deeming "any soul on the planet" a fugitive for staying home undermined the presumption that U.S. laws should not apply to conduct in foreign countries.

SocGen agreed in June 2018 to pay $750 million of fines to settle U.S. criminal and civil Libor-rigging charges. The case against Sindzingre remains open, court records show.

The case is U.S. v. Bescond, 2nd U.S. Circuit Court of Appeals, No. 19-1698.

Ex-Societe Generale banker wins U.S. appeal in Libor-rigging case
 

Related Articles

Taiwan calls for quick start to trade talks with EU
Taiwan calls for quick start to trade talks with EU By Reuters - Sep 16, 2021

TAIPEI (Reuters) - Taiwan's government called on the European Union to quickly begin trade talks after the bloc pledged to seek a trade deal with the tech-heavyweight island,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email