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

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