Mealey's Banking & Finance - Societe Generale To Pay $122M To Settle Securities Claims

Mealey's Banking & Finance - Societe Generale To Pay $122M To Settle Securities Claims

NEW YORK - Societe Generale has agreed to pay $122 million to settle claims that certain of its subsidiaries misrepresented the investment quality of certain residential mortgage-backed securities (RMBS) it and other financial institutions sold to Fannie Mae and Freddie Mac in violation of state and federal law, according to a press release issued on Feb. 27 by the Federal Housing Finance Agency (FHFA) (Federal Housing Finance Agency, as conservator for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., v. SG Americas Inc., et al., No. 11-6203, S.D. N.Y.).

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