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.

Published: 13 September 2011 09:23 CEST

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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Deutsche Bank to pay $130m to settle US bribery probes

A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP

The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.

The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.

In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.

In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.

In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.

The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.

“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.

“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”

“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.

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