Kerviel Clashes With SocGen Over Liability for $5.5 Billion Loss
- Civil trial set to determine what Kerviel owes the bank
- ‘Kerviel owes nothing to SocGen,’ ex-trader’s lawyer says
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Convicted rogue trader Jerome Kerviel returned to court Wednesday in a clash over his liability for Societe Generale SA’s record 4.9 billion-euro ($5.5 billion) loss, a hearing that started just days after he won an unfair-dismissal claim against the lender.
The civil trial -- scheduled to run through Friday -- will determine how much, if anything, Kerviel owes the bank for the loss that occurred eight years ago. The opening day’s debates focused on whether Societe Generale was aware he was covering up his trading activity.