Kerviel, Who Lost $5.6 Billion Trading, Loses $520,000 Case
- Kerveil was convicted of losing billions of euros at SocGen
- Judges say he was ‘poorly placed’ to seek bonus in lawsuit
Photographer: Marlene Awaad/Bloomberg
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Paris judges overturned the 455,500-euro ($520,000) unfair-dismissal award Jerome Kerviel had won two years ago after they rejected the notion that Societe Generale SA knew the convicted trader had been amassing gigantic positions that caused the bank a 4.9 billion-euro loss.
The Paris Court of Appeals dismissed Kerviel’s argument that Societe Generale had no valid grounds to fire him because supervisors knew he was entering fake trades to conceal his activities long before his record losing streak. Under French employment law, companies must act within two months of learning about violations or they become time-barred.