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France probing Libor fixing complaint

Published on Oct 29, 2012 8:48 PM

PARIS (AFP) - France has launched a probe into suspected rigging of Libor interbank lending rates after a complaint filed by a shareholder in Societe Generale bank, a judicial source said on Monday.

The Libor rates are benchmarks for a vast range of instruments at the heart of the global financial system.

A preliminary investigation was launched in September, the source said. The plaintiff had alleged "manipulation", his lawyer Frederick-Karel Canoy said.

The scandal erupted when Barclays bank was fined £290 million (S$570 million) by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.

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