BPCE - Risk Report - Pillar III 2020

LEGAL RISKS

LEGAL AND ARBITRATION PROCEEDINGS – NATIXIS

Disputes involving the set-off of receivables

On July 17, 2020, an action was brought against Natixis and another defendant before the English courts in order to request a declaration recognizing the merits of a set-off made on a transaction financed by Natixis. The plaintiff is also disputing the transfer to Natixis of the payment rights under the transaction. Natixis counterclaimed for payment in the amount of $55,396,323.46. The case is ongoing.

In March 2020, proceedings were brought before the courts of the State of New York following a set-off made by Natixis during the payment of a standby letter of credit; this set-off took into account a debt of the beneficiary of the standby letter of credit. Natixis asked the Court to confirm the merits of the set-off and to dismiss the application for payment made against the bank in the amount of $46,076,165.15. The hearing was held on November 29, 2020 and a ruling is expected in the coming months.

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RISK REPORT PILLAR III 2020 | GROUPE BPCE