Rogue ex-trader ordered to pay 1 million euros in damages

A French appeals court said Friday that rogue ex-trader Jerome Kerviel, whose transactions lost Societe Generale billions of euros, was to pay back 1 million euros (1.12 million dollars) in damages, according to a lawyer for the bank.

The court had considered whether to order the former trader to pay up to 4.9 billion euros, the amount that Societe Generale said in 2008 that it had lost as a result of the trader's actions.

A lawyer for Societe Generale, Jean Veil, said that the court, which found Kerviel partially responsible for the massive losses, believed the 39-year-old former trader had the capacity to pay 1 million.

Kerviel was already handed a three-year prison sentence after being convicted in 2010 of fraud, breach of trust and manipulation of data. He insists that he is innocent and maintains that his employer at the time was aware of his transactions.

Speaking to broadcasters outside the courtroom, Kerviel said he would "continue the fight," as he sought justice. On June 7, a labour court ordered Societe Generale to pay over 450,000 euros (510,750 dollars) in damages to Jerome Kerviel after finding that the French banking giant had waited too long to fire him.

Last update: Fri, 23/09/2016 - 14:50
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