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SocGen says to fight U.S. suit on subprime risks

Fri Mar 21, 2008 2:26pm EDT

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PARIS, March 21 (Reuters) - Societe Generale (SOGN.PA) said on Friday it would defend itself against a U.S. class action suit alleging the French bank misled investors about its exposure in the subprime mortgage markets and failed to act on information about trades by rogue trader Jerome Kerviel.

"Société Générale intends to defend itself vigorously against these claims," Societe Generale said in a statement.

The bank said it had picked Skadden, Arps, Slate, Meagher & Flom LLP to lead its defense.

(Reporting by Marie Maitre)



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