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| Disgraced trader Jerome Kerviel damages slashed to €1m from €4.9bn | Disgraced trader Jerome Kerviel damages slashed to €1m from €4.9bn |
| (35 minutes later) | |
| 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). | 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 on Friday that Kerviel was "partly responsible" for massive losses suffered in 2008 by his former employer Societe Generale through his reckless 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 has consistently maintained that bosses at the French bank knew what he was doing all along. | 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. | 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 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 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 has attempted to cast himself as the victim of a corrupt financial system, claiming bank bosses were fully aware of the bets he was making and only voiced concern when they started losing money. | |
| 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. |
| 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. |
| If Societe Generale is ultimately found responsible for faults in handling the Kerviel case, the French government could ask the bank to pay back the €2.2 billion tax credits it gave the firm to compensate for the trader's losses. |