Photo: Frédéric Houmber
Soc Gen 'rogue trader' wants €4.9b in damages
Published: 13 Feb 2013 07:23 GMT+01:00 | Print version
Updated: 13 Feb 2013 07:23 GMT+01:00
French rogue trader Jerome Kerviel has said he was trying to render meaningless the 4.9 billion euros in damages he owes to Société Générale by seeking the same amount from the bank in a labour court.
Kerviel, convicted to three years in jail, said on RTL radio that he had filed a case in the Paris labour court seeking 4.9 billion euros ($6.6 billion) in damages from Société Générale.
He said the bank firing him in 2008 for gross misconduct had "implied that there was the intention on my part to destroy the company, which was never the case and which was proven" during his trial.
Kerviel was convicted of forgery and breach of trust for circumventing trading limits to amass 50 billion euros in open deals, which had threatened to bring down one of Europe's largest banks.
Kerviel had insisted that his managers knew what he was doing and turned a blind eye as long profits flowed in. The bank incurred the loss of nearly five billion euros when it quickly unwound Kerviel's trades before the market became aware.
Kerviel conceded the amount of damages he is seeking "is a bit ironic", saying he hopes a court analysis will show that he wasn't responsible for the losses the bank incurred.
"I want that figure verified because I believe that it is not a Kerviel loss," said the ex-trader on Tuesday. Kerviel added he wasn't seeking to be reinstated at the bank.
An appeals court rejected last October Kerviel's attempt to overturn his conviction. He remains out of prison while waiting for his case to be reviewed by the Court of Cassation, France's top appeals court.
Today's headlines
Photo: George Groutas
Two of France's most famous luxury brands look set for a bitter court battle after deluxe bag maker Hermes accused the Louis Vuitton group LVMH of "historic fraud", as a long running bitter feud took a new twist on Wednesday.
READ () »
Reptile enthusiast Dieter Zorn, 53, died after being bitten by a viper during a demonstration aimed at helping the public "get over unfounded fears and eliminate prejudices." Photo: Reptile Show
A reptile enthusiast in southern France has died after being bitten by a snake during a demonstration to help audiences overcome their fear of the animals. He died of a heart attack due to a rare allergy, his colleague told The Local.
READ () »
Airbus's new A350 long-haul aircraft does a taxi test at Toulouse-Blagnace aerodrome in south-western France on June 11th. Photo: Eric Cabanis/AFP
French airline company Air France confirmed on Wednesday a multi-billion euro order of Airbus's new A350 planes. The planes are not yet in service and only recently carried out a test flight (see video).
READ () »
"Do you know where is the Eiffel Tower?" A new campaign hopes to teach tourism professionals in Pairs how to understand their international clients. Photo: CCI/CRT
The days of the rude Paris waiter or shopkeeper may soon be over. As part of a new campaign, Paris tourism chiefs published a training manual this week aimed at teaching Parisians who come into contact with tourists how to offer them a better welcome.
READ () »
The Catholic shrine of Lourdes, Haute-Pyrénées under 1.4 metres of water after severe flooding in south-western France, which claimed its victim in the early hours of Wednesday. Photo: P. Pavani/AFP
An elderly woman has drowned in south-western France after severe floods swept away her car in the town of Pierrefitte-Nestalas. In all 43 departments across the country were place on alert for storms and flooding.
READ () »
Lourdes floods
Lourdes under flood waters in 2012. Photo: Laurent Dard/AFP
The historic Catholic pilgrimage site of Lourdes in south west France was evacuated on Tuesday after flash floods hit the area. Management at the shrine have told The Local they are growing increasingly concerned as waters continue to rise.
READ () »
Opinion - Smacking
Photo: Screengrab/Youtube/Fondation pour l'Enfance
As a provocative new anti-smacking video campaign by the Fondation pour l'Enfance (Foundation for Childhood) causes a stir in France, the man behind the drive Dr. Gilles Lazimi tells The Local why France needs a law banning parents from smacking their kids.
READ () »
Karim Benzema (left) with French team mate Franck Ribery (right) and Zahia Dehar the former call girl at the centre of the scandal. Photo: Franck Fife/AFP / ZahiaOfficiel
French football stars Franck Ribery and Karim Benzema, went on trial on Tuesday, accused of paying to have sex with then underage call-girl Zahia Dehar. The process was adjourned until January, however, on a legal technicality.
READ () »
Photo: AW Sheffield
The Eiffel Tower in Paris was evacuated by police on Tuesday after a man threatened to throw himself off the famous monument. Reports suggest, however, that emergency services personnel have succeeded in apprehending the man.
READ () »
Admiral Lord Nelson. Photo: Ell Brown
These words are not the latest outburst by notorious French basher, London's Mayor Boris Johnson, but were the opinion of Britain’s Napoleonic War hero Admiral Lord Nelson, whose outspoken views were revealed in a letter, auctioned in London this week.
READ () »
.jpg&mode=resize&size=300x200)
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.