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.


 

"/> 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.


 

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Bank seeks damages from Mail on Sunday

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.

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SOCIÉTÉ GÉNÉRALE

France’s Societe Generale to cut 1,500 jobs: report

French banking group Societe Generale is planning to cut 1,500 positions in its BFI corporate and investment banking arm, Le Figaro newspaper reported on Saturday.

France's Societe Generale to cut 1,500 jobs: report
Societe Generale CEO Frederic Oudea at the Climate Finance Day and Global Roundtable in Paris on November 26, 2018. Photo: ERIC PIERMONT / AFP
Citing internal bank documents, the paper said the bank was looking at two scenarios, both of which envisage 1,500 job cuts worldwide, with around 700 of them in France.
 
The company said in a statement on Saturday it was still reviewing activities in its corporate and investor client business so it was not possible to comment on the impact on jobs.
 
“We have an ongoing dialogue with our unions and will consult them on our projects and their impact as soon as the review is completed in the coming weeks,” the bank said.
 
French CGT union representative Philippe Fournil could not confirm the information, but said the bank's management had on Thursday indicated it was still reviewing activities within that business.