Relevant:
- Jérôme Kerviel seeks to put SocGen in dock over €5bn loss
- Ex-trader jailed, told to repay $6.7 billion
- Ex-trader Kerviel sentenced to 3 years in jail
- Former Trader Jérôme Kerviel Ordered to Pay Only €1 mln in Damages to SocGen (WHICH NOW MAY BE ON THE JOOK FOR ANOTHER €2.2bln)
- SocGen Report Validates Kerviel Defense, Lawyer Says
2012-10-26 — independent.co.uk
The Paris appeal court today ruled that Mr Kerviel was solely responsible for the €4.9billion loss -- the biggest in trading history -- because he had evaded internal controls to make colossal, one-way bets of up to €50billion on European stock-market futures.
Mr Kerviel, now earning €30,000 a year in a computer company, is expected to seek leave to appeal to France's highest court, the Cour de Cassation. In theory, even if he handed over all his after-tax earnings, it would take him around 300,000 years to repay his losses to SocGen.
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