Société Générale Resolves Investigations by DOJ, CFTC and PNF

Skadden represented Société Générale in successfully resolving long-standing investigations by (i) the U.S. Department of Justice (DOJ) and the U.S. Commodity Futures Trading Commission (CFTC) into certain of Société Générale’s interbank offered rate submissions, and (ii) the DOJ and the French Parquet National Financier (PNF) into violations of the U.S. Foreign Corrupt Practices Act and French anti-corruption laws in connection with historical conduct involving Libyan counterparties. The settlements are highly unusual in that they combine unrelated investigations into a single deferred prosecution agreement, and this is the first time the DOJ and the PNF have cooperated in reaching coordinated resolutions in a corruption case.