Violation Tracker Individual Record

Company: 
Societe Generale S.A.
Current Parent Company: 
Societe Generale
Penalty: 
$475,000,000
Year: 
2018
Date: 
June 4, 2018
Primary Offense: 
interest rate benchmark manipulation
Violation Description: 

The Commodity Futures Trading Commission issued an Order filing and settling charges against Societe Generale S.A. for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) for U.S. Dollar, Yen and Euro, and the Euro Interbank Offered Rate (Euribor), certain instances of manipulation of Yen LIBOR, and aiding and abetting traders at another bank in their attempts to manipulate Euribor. The Bank's misconduct spans more than six years, from 2006 through mid-2012. The CFTC Order requires Societe Generale to pay a civil monetary penalty of $475 million, cease and desist from further violations as charged, and adhere to specific undertakings to ensure the integrity of its LIBOR, Euribor, and other benchmark interest rate submissions in the future.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Commodity Futures Trading Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
France
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.