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Bank seeks damages from Mail on Sunday

Matthew Warren · 13 Sep 2011, 08:17

Published: 13 Sep 2011 09:23 GMT+02:00
Updated: 13 Sep 2011 08:17 GMT+02:00

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As French bank Société Générale lost another 10 percent of its stock market value on Monday, reports emerged the bank was planning to sue British newspaper The Mail on Sunday over an article it published in August.


On August 7th, the British weekly newspaper published an article that said the bank was in a "perilous" state and on the "brink of disaster."

Shares fell after the story appeared and the Mail on Sunday published an apology on August 9th, accepting the story was "not true" and unreservedly apologizing for "any embarrassment caused."

It would appear that the bank believes the damage was more than just "embarrassment" and is asking for £1 million to be paid to a charity of its choice.

Le Figaro reported that a letter was sent to the newspaper on August 18th. The Mail on Sunday acknowledged its error and offered to pay £1,000, which the bank has rejected.

According to sources cited by Le Figaro, if the Mail on Sunday does not agree to pay the £1 million sum, the bank is prepared to take the matter to court.

An internal memo at the bank, seen by Reuters, said that legal action is "pending" and said that "legal action will be taken against anybody who spreads unfounded rumours about our company.


Matthew Warren (news.france@thelocal.com)

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