Kerviel’s Complaints Against SocGen Dropped by Paris Prosecutors

Two complaints filed by Jerome Kerviel, the trader convicted of being responsible for a 4.9 billion-euro trading loss, against Societe Generale SA (GLE) have been dropped by Paris prosecutors, a spokeswoman for their office said.

The complaints accused the bank of deceiving a court about how much money it ultimately lost in unwinding Kerviel’s unauthorized positions and doctoring recordings of him with bank officials prior to his 2008 arrest.

Kerviel filed the complaints before the June hearings on his unsuccessful bid to overturn a guilty verdict holding him accountable for the loss. The Paris appeals court upheld the 2010 decision, as well as the sentence of three years in jail and an order to repay Societe Generale.

Societe Generale filed slander complaints in retaliation. Those are still active, according to the spokeswoman, Agnes Thibault-Lecuivre. The decision to drop the complaints was previously reported by Agence France-Presse.

Kerviel has appealed the Oct. 24 decision to the Cour de Cassation, allowing him to remain free in the meantime.

To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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