New York Attorney General Eric T. Schneiderman Announces Settlements With Natixis And Societe Generale Totalling Over $56 Million For Defrauding Governments And Nonprofits Across The Country - New York And Connecticut Led Investigation That Uncovered Nationwide Abuses In Municipal Bond Derivatives Market - Latest Settlements Bring Total Paid By Banks To Over $400 Million; Public Sector And Not-For-Profit Victims to Benefit - Schneiderman: Schemes Against The Public Sector And Nonprofits Hurt The People They Serve

Attorney General Eric T. Schneiderman today announced multimillion dollar settlements with Natixis Funding Corp. and Societe Generale for fraudulent and anticompetitive conduct in municipal bond derivative transactions with state and local government entities and nonprofits across the country. Natixis and Societe Generale will pay $29,950,000 and $26,750,000 respectively as part of a coordinated 22-state and private class settlement. Pursuant to the settlements, $53,865,000 will be paid into a Settlement Fund and largely applied to restitution for municipalities, counties, government agencies, school districts and nonprofits that the states allege were harmed when they entered into municipal derivatives contracts with Natixis or Societe Generale.