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Kerviel Appeal on SocGen Trading Loss Conviction Opens in Paris

Jerome Kerviel’s appeal against a guilty verdict holding him solely responsible for Societe Generale SA’s 4.9 billion euro trading loss opened today in Paris.

Kerviel will argue he can’t be held liable for the loss, claiming his former employer knew he was taking positions that exceeded his mandate, and that the bank encouraged him.

Societe Generale announced the trading loss in January 2008. Kerviel was convicted in 2010, sentenced to five years in jail, with two years suspended, and ordered to repay the bank its loss.

The appeal hearings will take place in Paris over three days each week through June 28.

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