SocGen Agrees €963m Settlement with LIA
On 4 May, the French bank Société Générale said it had signed a confidential settlement agreement with the Libyan Investment Authority (LIA) in a dispute over $2.1bn of trades executed between 2007 and 2009. The announcement came just as the case was due to start in London’s High Court. SocGen said it was paying €963m as part of the Libyan settlement.
In a joint statement the LIA and SocGen said they had signed a confidential settlement agreement: “that resolves all matters between both parties concerning five financial transactions entered into between 2007 and 2009 that have been the subject of legal action in the English High Court”. It said the terms of the settlement were confidential. The bank said it wished “to place on record its regret about the lack of caution of some of its employees”. “Société Générale SA apologises to the LIA and hopes that the challenges faced at this difficult time in Libya’s development are soon overcome.”
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