Jerome Kerviel wins over $500,000 in SocGen lawsuit

Gavel

Jerome Kerviel, who was convicted of causing a record trading loss of $5.6bn at Societe Generale, won a payout of more than $511,110 in a Paris employment lawsuit over claims he was unfairly dismissed.

Bloomberg News reports that the award Tuesday includes $113,580 for unfair dismissal and his $340,740 bonus for 2007. The court, however, rejected Kerviel’s multi-billion euro request for more than the underlying loss at the bank.

The employment tribunal verdict is the latest twist in the story of the former trader who has taken equal turns as villain and folk hero since he was blamed for causing the record loss at the lender. The ruling could have an effect on other pending cases that Kerviel has filed in French courts.

"Societe Generale can’t pretend it was not aware of Jerome Kerviel’s fake operations" before his dismissal in January 2008, Judge Hugues Cambournac said. The dismissal "didn’t sanction Kerviel’s acts, but its consequences."

To access the complete Bloomberg News article hit the link below:

Kerviel Wins More Than $510,000 in Suit Over SocGen Firing

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