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Disgraced trader Jerome Kerviel ordered to pay €1m in damages (down from €4.9bn) Disgraced trader Jerome Kerviel ordered to pay €1m in damages (down from €4.9bn)
(35 minutes later)
A French court has cut the civil damages owed by former trader Jerome Kerviel from 4.9 billion euros ($5.5 billion) to 1 million euros ($1.1 million).  A French court has cut the damages owed by rogue trader Jerome Kerviel from €4.9 billion euros (£4.2 billion) to just €1 million (£860,000). 
The court in Versailles, outside Paris, ruled Friday that Kerviel was "partly responsible" for huge losses suffered in 2008 by the bank Societe Generale through his reckless financial trades.  The court in Versailles, outside Paris, ruled on Friday that Kerviel was "partly responsible" for massive losses suffered in 2008 by his former  employer Societe Generale through his reckless trades. 
Kerviel was sentenced to three years in prison for nearly bringing down the bank with the losses, just before the financial market meltdown in 2008.  Kerviel has consistently maintained that bosses at the French bank knew what he was doing all along.
In June, a public prosecutor said the bank “had left the door open” for Kerviel to act illegally.
The disgraced trader was sentenced to three years in prison for nearly breaking the bank with record losses, just before the financial market meltdown in 2008. 
The 39-year-old has been found guilty of forgery, breach of trust and fraudulent computer use for covering up bets worth 50 billion euros — more than the market value of the entire bank at the time. The 39-year-old has been found guilty of forgery, breach of trust and fraudulent computer use for covering up bets worth 50 billion euros — more than the market value of the entire bank at the time. 
Kerviel had amassed €50 billion in stock market bets using fake hedges and false documents. The French bank unwound the positions at a loss of €4.9 billion during three days in January 2008 after uncovering the trades.  Kerviel had amassed the stock market bets using fake hedges and false documents before the French bank discovered them in January 2008. SocGen unwound the positions at a loss of €4.9 billion, prompting Daniel Bouton, the bank's chief executive to label Kerviel a “terrorist.”
Kerviel claims bank bosses was fully aware of his trades and has cast himself as the victim of a corrupt financial system.  Kerviel claims bank bosses wer fully aware of the bets and has cast himself as the victim of a corrupt financial system. 
At the time Daniel Bouton, chief executive described Kerviel as a “terrorist.” He served five months of his three-year sentence for abuse of trust.
He served five months of his three-year sentence for abuse of trust. Then in June, an employment tribunal awarded Kerviel half a million dollars for unfair dismissal. Two weeks later, a prosecutor criticised Societe Generale for “multiple, long-standing” failings. In June, an employment tribunal awarded Kerviel half a million dollars for unfair dismissal. Two weeks later, a prosecutor criticised Societe Generale for “multiple, long-standing” failings.