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Societe Generale rogue trader's damages owed cut to 1m euro

Published 23/09/2016

Jerome Kerviel was ruled
Jerome Kerviel was ruled "partly responsible" for huge losses suffered by the bank (AP)

A French court has reduced the amount rogue trader Jerome Kerviel must pay former employer Societe Generale in damages from 4.9 billion euro (£4.2 billion) to one million euro (£860,000).

An appeals court in Versailles ruled on Friday that Mr Kerviel was only "partly responsible" for the mammoth 4.9 billion euro his trades cost the lender in 2008.

Kerviel was sentenced to three years in prison in 2010 for nearly bringing down the bank with his rouge trades just before the financial crisis.

The 39-year-old has already been found guilty of forgery, breach of trust and fraudulent computer use for covering up bets worth 50 billion euro (£43 billion), more than the market value of the entire bank at the time.

He has maintained that senior management at the bank were aware of his actions.

Societe Generale has said Kerviel began trading illicitly in 2005 for small amounts, building up to bets totalling 50 billion euro before being discovered.

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From Belfast Telegraph