PARIS May 12 French bank Societe Generale
has appealed against the 445.9 million euro ($613.4
million) fine it paid last year for manipulating benchmark
interest rates, saying regulators had miscalculated it.
In an appeal lodged in February and published on the website
of the Official Journal of the European Union on Monday, Societe
Generale claimed that the court should reduce "to an appropriate
amount" the fine, which followed attempts by an employee to
manipulate the Euribor rate between March 2006 and May 2008.
France's second-largest listed bank said it saw an "error of
assessment" in the choice of method to calculate sales values,
which it said did not "reflect the respective positions of the
banks against which the action has been brought on the relevant
The settlement agreement with the European Commission
followed the antitrust regulators' industry-wide investigation
into how the euro-priced bank-to-bank lending rate was set.
EU antitrust regulators slapped a record 1.7 billion euro
($2.34 billion) penalty on six financial institutions including
Deutsche Bank, RBS, JPMorgan and Societe Generale last December.
Societe Generale declined to comment. The EU commission was
not immediately available for comment.
($1 = 0.7269 Euros)
(Reporting by Maya Nikolaeva, additional reporting by Foo Yun