French equities

2023-08-14 18:03:06

By Le Figaro with AFP

Published yesterday at 20:03, Updated yesterday at 21:08

UBS, first bank in Switzerland. Arnd Wiegmann / REUTERS

This agreement with the American justice will allow to close civil lawsuits for fraud related to the sale of toxic financial products, at the origin of the financial crisis of 2008.

The Swiss bank UBS has reached an agreement with the American justice system to close, in exchange for the payment of 1.45 billion dollars, civil lawsuits for fraud linked to the sale of toxic financial products “subprimeat the root of the 2008 financial crisis.

The US Department of Justice said in a statement that this transaction put an end to the last lawsuits it initiated following the crisis, collecting more than 36 billion dollars from some twenty banks, rating agencies or lending organizations. . The Swiss bank indicated, in a separate statement announcing this agreement related to acts that occurred in 2006-2007, that the sum had already been fully provisioned in its accounts.

The procedure was launched in November 2018 by the American justice system, the result of the investigative work of an ad hoc group within it which examined the conduct of banks and other entities and their role in the design and sale of securities. secured by residential mortgages (mortgage backed security, RMBS). RMBS are financial securities backed by risky mortgages that large banks have sold to large investors and other small and medium-sized financial institutions. Defaults by the households that took out the loans led to a cascade of charges and provisions in the global financial sector and, ultimately, to the 2008 crisis.

The complaint from US authorities accused UBS of having “knowingly makes false and misleading statements to buyersof these financial products and to havecommitted fraud once morest investors related to the sale of 40 RMBS in 2006 and 2007“. In addition to UBS, the department also prosecuted Ally Financial, Aurora Loan Services, Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, General Electric, Goldman Sachs, HSBC, JPMorgan, Moody’s, Morgan Stanley, Nomura, Royal Bank of Scotland , Standard&Poor’s, Societe Generale and Wells Fargo.

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2023-08-02 18:21:13

By Le Figaro with AFP

Posted 2 hours ago, Updated 1 hour ago

Altice, parent company of SFR, has suspended a leader in France. PATRICIA DE MELO MOREIRA / AFP

Implicated in listening to Portuguese justice, the executive director of content, acquisitions and partnerships of the parent company of SFR has been suspended.

Altice, parent company of SFR, has suspended a leader in France as part of the internal investigation into the corruption scandal that led to the indictment of the co-founder of the telecommunications group in Portugal, AFP learned on Wednesday from sources. unions. During a social and economic committee, Arthur Dreyfuss, CEO of Altice France, reported having suspended Tatiana Agova-Bregou, the group’s executive director of content, acquisitions and partnerships, implicated in listening to Portuguese justice, explained these sources.

“Witch hunt”

According to Portuguese media, she would have benefited from luxury gifts and a property in the Paris region from Armando Pereira, the businessman at the heart of the scandal which led the investigators to carry out a series of searches, in particular at the headquarters of Altice in Lisbon. He co-founded Altice with the French billionaire Patrick Drahi and was still for a year the adviser to the CEO and the executive committee of Altice France. He is notably accused of having set up a network of dubious suppliers, at the center of the group’s purchasing policy, and through which he would have taken several million euros.

Since July 13 and the revelation of a search at the headquarters of Altice Portugal, the case has splashed the entire group, which has suspended several leaders including the chairman of the board of directors and the purchasing manager of Altice USA. Other measures might be taken in France, “in the next few days or weeks”declared Arthur Dreyfuss during the CSE, without it being, according to him, a “witch hunt”.

Pursued with four other people and under house arrest, Armando Pereira is suspected in this case of 11 corruption and money laundering offenses. He refuted, through his lawyer, the suspicions hanging over him. Patrick Drahi, for his part, plans to speak on August 7 and 8, on the occasion of the half-yearly results of Altice France and Altice International.

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