The culprit of the Societe Generale losses of $4.9 billion has sued the Bank €450 thousand


The French court decided to pay the claim of carvela €100 thousand for unfair dismissal and €300 thousand premium for 2007. In addition, the Bank must immediately pay the plaintiff €80 thousand, according to Bloomberg.

According to the judge of the South of Cambourne, “Societe Generale should not pretend that he did not know about the machinations of Jerome Kerviel” until his dismissal in January 2008, which was “not a punishment for the actions of Kerviel, and their consequence”.

The Bank has filed an appeal against the decision of the labour dispute, according to Bloomberg. The lawyer for Societe Generale Arnaud chaulet, called it “scandalous”.

According to the Agency, the court, however, rejected the demand of Kerviel to pay him billions of dollars in compensation in excess of losses of the Bank. According to Bloomberg, at a hearing last month, attorney David carvela, Cubbi stated that the amount claimed by his client compensation is justified, as the Bank previously demanded from the trader to cover fully the losses caused to them.

The Bank found that Kerviel commits unauthorised trades in January 2008. In October 2010, the court found the trader only responsible for incurred losses the Bank and sentenced him to five years in prison, including three years in prison and full restitution.

Kerviel remained at large, as it was appealed against the verdict. After considering one of the appeals in March 2014, the court overturned the verdict in terms of damages.

Former trader disputes the amount incurred by the Bank losses and claims that Societe Generale must bear responsibility for their losses. Bloomberg recalls that Kerviel filed a new appeal after last year the investigator Nathalie Le Roy, who had handled the case, stated that it was the pressure to prove the guilt of the trader.

In March, the appeals court indefinitely postponed the decision on consideration of the appeal against the verdict. Judges, as noted by Bloomberg, said that will expect the results of other investigations related to the case of Kerviel.

Also in June is expected to start civil proceedings, which should determine the amount that Kerviel needs of Societe Generale.