Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

U.S. prosecutors move to drop Libor case against ex-SocGen bankers

Published 03/29/2023, 04:01 PM
Updated 03/30/2023, 01:58 PM
© 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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.