Ex-SocGen trader sues firm for $6.3bn over trading loss

A Billion Dollars

'This is a preposterous and baseless request'!

Bloomberg News reports that Jerome Kerviel, who was convicted of causing a record trading loss of $5.5bn at Societe Generale SA, is suing the French bank for even more in a Paris employment lawsuit that claims he was unfairly dismissed in 2008.

Kerviel, who is seeking $6.3bn in compensation, believes Societe Generale had no grounds to fire him for gross misconduct because the bank was well aware of his trading activities, his lawyer, David Koubbi, told a court on Thursday.

The lawyer justified the tit-for-tat demand for compensation, saying that it was only fair because the bank had previously pressed for Kerviel to pay back the full trading loss.

'This is a preposterous and baseless request', Societe Generale lawyer Arnaud Chaulet said at Thursday’s hearing. A ruling is expected on June 7.

Hit the link below to access the complete Bloomberg News article:

Kerviel Sues SocGen for 5.7 Billion Euros Over 2008 Firing

Standard Chartered Trader Quits Forex to Help Fukushima Recover

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts