Trader looks out of options after $5.8bn loss

Societe General Sign

Jerome Kerviel lost an attempt to blame Societe Generale for a massive trading loss that he was found guilty of causing at the bank as French investigators dismissed his demands for further probes, according to a person familiar with the matter.

Bloomberg News reports that investigative judges dismissed allegations by Kerviel that Societe Generale supplied forged documents to help obtain his guilty verdict under false pretenses, according to the person, who asked not to be identified because the probe is private. His request that authorities look into allegations that the bank bribed a witness were also dismissed, the person said.

The former trader - seen as a folk hero by some - has been trying for almost a decade to shift blame for a 4.9 billion-euro ($5.8 billion) loss he caused onto France’s third-largest bank. Kerviel had some success in court last year as the Paris employment tribunal awarded him about $500,000 in compensation for unfair dismissal after berating Societe Generale for its role in the affair.

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

Kerviel Runs Out of Options to Blame SocGen After Bid Rejected

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