By Cristina Roca

Societe Generale SA France said Friday that the U.S. Department of Justice has requested the dismissal of two cases involving the bank.

The legal proceedings ended after the bank complied with its obligations per the deferred prosecution agreements it struck with the U.S. authorities three years ago.

The first case related to allegations that the bank had processed and concealed billions of dollars in transactions related to countries under sanctions. Societe Generale in November 2018 agreed to pay about $1.3 billion in penalties.

The second case concerned the bank's alleged manipulation of Libor rates and transactions involving Libyan counterparts. The French bank agreed in June 2018 to pay roughly $1.3 billion to settle claims by U.S. and French authorities.

For both cases, there had been a three-year probation period, following which it was agreed that the bank wouldn't be prosecuted if it followed the terms of the agreements.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

December 03, 2021 03:20 ET (08:20 GMT)

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