France's second largest bank, SocieteGenerale, has decided to drop its appeal against the fines imposed on it in relation to manipulating the benchmark interest rate, Euribor.
Following an industry-wide investigation into how the euro-priced bank-to-bank lending rate was set, a settlement was reached whereby EC had imposed in total 1.7 billion euros ($1.9 billion) of penalties on multiple financial institutions including Deutsche Bank, RBS, JPMorgan and SocieteGenerale in 2013.
However, SocieteGenerale has raised an issue the EC's calculation method. During the appeals process, SocieteGenerale recalculated its value of sales and gave the new figures to the EC.
Upon acceptance of the newly calculated fine by the EC, SocieteGenerale has decided to drop its appeal against the fines.
(Source: http://www.reuters.com/article/societe-generale-fine-idUSL5N16J4L2 and http://www.law360.com/articles/771036/societe-generale-gets-495m-euribor-rigging-fine-reduced )
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