Newspaper article The Record (Bergen County, NJ)

French Firms to Settle Fraud Accusations

Newspaper article The Record (Bergen County, NJ)

French Firms to Settle Fraud Accusations

Article excerpt

Two French financial service firms will pay more than $50 million to government agencies and non-profits in New Jersey and 21 other states to settle accusations of fraud, state officials said Wednesday.

Natixis Funding Corp. will pay $29.9 million and Societe Generale will pay $26.7 million. Most of the money will go into a global settlement fund to provide restitution for municipalities, counties, government agencies, school districts and non-profits that entered into contracts with the two companies to invest proceeds of municipal bond sales.

It is not clear how much money will go to New Jersey entities, according to a spokesman for acting Attorney General John J. Hoffman, who announced the settlement. However, the spokesman, Leland Moore, said that the New Jersey Housing and Mortgage Finance Agency, the New Jersey Economic Development Authority, the New Jersey Educational Facilities Authority and the New Jersey Health Care Facilities Financing Authority are among the entities expected to be eligible for restitution. …

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