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SocGen rogue trader sues bank

Filed in archive corporate crime by leon on April 03, 2008

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The fallout from the Société Générale trading scandal grows stranger and stranger.

Jérôme Kerviel, the rogue trader who ran up losing Société Générale €5 billion ($7 billion) in losses is now suing his former employer for unfair dismissallinks, reports The Times.

According to The Times, Kerviel's case is based on two points. First, is that his bets on the market were actually in the black until his bosses intervened. And secondly, he claims his bosses are in breach of French workplace laws that require employers to hold face-to-face meetings with employees to outline the case for sacking them. His lawyers say that was impossible because his bail conditions prevented him from being in contact with his employers. Kerviel spent more than a month in jail on charges of breach of trust, fabricating documents and illegally accessing computers.

If he is successful, it will be an extraordinary achievement. He not only cost the bank money in one of the world's biggest financial scandals but they'll also have to give him a compensation payment!

Reuters has followed up the story with a report of his lawyers denying he is suing SocGen. Still, when asked if Kerviel planned to sue SocGen, his lawyer replied: "No comment".

Watch out for the next installment.






Permalink: SocGen rogue trader sues bank
Tags: Societe  Generale  Jerome  Kerviel  2007  rogue+trader  conrad+black  sues+bank 

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