Daily News: August 25, 2017

U.S. Charges Former Societe Generale Managers With LIBOR Fraud


Reuters reported that U.S. authorities have charged two former managers at Societe Generale with participating in a scheme to manipulate the LIBOR benchmark rates.

According to Reuters, the fraudulent reports issued by the bank led to lower U.S. dollar LIBOR rates, affecting millions of transactions tied to the benchmark. The bank is cooperating with the federal authorities, Reuters added.