Danielle Sindzingre and Muriel Bescond, managers at Société Générale, S.A., based in Europe, were indicted last week for allegedly instructing subordinate employees to submit inaccurate information related to the London Interbank Offered Rate to daily contributions that were utilized to calculate the benchmark rate. The US Department of Justice, responsible for filing the indictment, alleged that the submitted information reflected lower rates than the rates at which the bank was actually borrowing money. On “numerous occasions” these submissions impacted the published LIBOR calculation, impacting financial transactions based on LIBOR on the relevant days, the DoJ alleged. The indictment was filed by the DoJ in a federal court in Brooklyn, NY. At this point, the indictment solely represents unproved allegations.