French bank Société Générale has begun legal action

Date: 14/03/1996

to overturn the decision of the European Commission last July to approve a 20-billion-ecu rescue package for Crédit Lyonnais. Société Générale estimates the aid paid by the French government to save the ailing bank at up to 8.5 billion ecu over five years. The Commission confirmed that the restructuring package approved last year was still in effect despite the legal proceedings brought by Société Générale.