Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started
U.S. prosecutors move to drop Libor case against ex-SocGen bankers
Published Mar 29, 2023 04:01PM ET
Updated Mar 30, 2023 01:58PM ET
© Reuters.
By Jody Godoy
(Reuters) - U.S. criminal charges should be dropped against two former Societe Generale (OTC:SCGLY) SA bankers for allegedly trying to rig the London interbank offered rate, prosecutors told a New York court on Wednesday.
Muriel Bescond, a former head of Societe Generale SA’s Treasury desk in Paris, and her boss Danielle Sindzingre, who was SocGen's global head of treasury, were charged in 2017 with preparing inaccurate Libor submissions in 2010 and 2011.
U.S. Attorney Breon Peace did not give reasons in the motion asking a judge in New York state's Long Island to dismiss the case.
Bescond's attorney Laurence Shtasel said "she looks forward to being relieved of this burden and moving forward with her professional life."
Peace's spokesperson declined to comment. A spokesman for the Department of Justice's Washington-based Fraud Section, which led the Libor prosecutions, did not immediately respond to a request for comment.
An attorney representing Sindzingre did not reply to a similar request.
The move by prosecutors comes after court rulings undermined several cases alleging traders at the world's largest financial institutions rigged the lending benchmark, which was phased out last year.
The 2nd U.S. Circuit Court of Appeals ruled in 2021 that Bescond could fight the charges from France, rather than travel to the United States.
The same appeals court reversed the convictions of two Deutsche Bank AG (NYSE:DB) traders last year and two London-based Rabobank traders in 2017.
Two Deutsche Bank (ETR:DBKGn) traders who cooperated with prosecutors had their guilty pleas reversed by judges last August, and traders from other banks are seeking to do the same.
Libor-rigging investigations resulted in about $9 billion of fines worldwide for banks. SocGen agreed in June 2018 to pay $750 million of fines to settle U.S. criminal and civil Libor-rigging charges.
The case is U.S. v. Sindzingre et al., U.S. District Court, Eastern District of New York, No. 17-00464.
Related Articles
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
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.