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Société Générale wants over one million euros from British tabloid

Shares in Société Générale fallen over 50 per cent since the begining of the year
Shares in Société Générale fallen over 50 per cent since the begining of the year Reuters/John Schults

French bank Société Générale, is demanding 1.16 million euros in damages from the British tabloid newspaper, the Mail on Sunday, after it published an article claiming the company was on the verge of bankruptcy. 

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The report, which appeared on the website of Le Figaro newspaper, has not been confirmed by the bank.

On 7 August, the Mail on Sunday wrote that Société Générale was on the edge of collapse following its exposure to Greek debt.

The article was the basis for rumours which spread throughout the marketplace and caused the banks' shares to drop dramatically.

Since the beginning of the year, Société Générale shares have fallen by more than 50 per cent.

Following publication of the article, which the bank says was incorrect, the newspaper retracted the claims.

But the bank says this is not enough and now wants the paper to pay over one million euros to a charity of its choice,

If it refuses, Société Générale says it will take the newspaper to court.
 

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