Kerviel clashes with SocGen again over liability

Gavel

Just days after winning an unfair-dismissal claim against Societe Generale, convicted rogue trader Jerome Kerviel is back in court in a clash over his liability for the lender’s record $5.5bn loss eight years ago.

Bloomberg News reports that his lawyer, David Koubbi, said he’s planning to reveal evidence that he claims can’t be ignored by the Versailles court of appeals. The civil trial - scheduled to run from Wednesday to Friday -- will aim to determine how much, if anything, Kerviel owes the bank after Societe Generale said his trading activity caused the loss eight years ago.

Kerviel enters the latest trial buoyed by last week’s Paris employment tribunal ruling, which included stinging criticism for the Societe Generale. While an order requiring him to repay the bank 4.9 million euros has been overturned, Kerviel’s claims that he wasn’t responsible for the scandal have fallen on deaf ears in French courts and several verdicts found him exclusively guilty for the trading loss.

“The truth is that Jerome Kerviel owes nothing to Societe Generale,” Koubbi told the media before entering the Versailles court.

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

Kerviel Clashes With SocGen Over Liability for $5.5 Billion Loss

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