Prosecutor says rogue trader owes top firm nothing after multi-billion trading loss

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French prosecutors continued the unlikely rehabilitation of convicted rogue trader Jerome Kerviel, telling a French court Friday that Societe Generale doesn’t deserve any compensation from the ex-employee because of the bank’s “multiple, long-standing” failings.

Bloomberg News reports that Jean-Marie d’Huy, the assistant public prosecutor, pointed the finger at Societe Generale’s “voluntary slackening” of its control systems on the final day of a trial to determine how much Kerviel owes the bank for the $5.5bn trading loss eight years ago. The ruling will be issued on September 23.

“I’ve been waiting for this for eight years,” Kerviel said on Friday at the Versailles court of appeals. “The fight goes on.”

Societe Generale is “surprised” by the prosecutor’s positions, which don’t reflect the hearings nor previous steps in the case against Kerviel, the bank said Friday in an e-mailed statement.

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

Kerviel Gets Boost as Prosecutor Says He Owes SocGen Nothing

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