Skip to content
Subscriber Only

Kerviel Bill Cut to $1 Million From $5.5 Billion by Judges

  • Disgraced banker was behind 4.9 billion-euro trading loss
  • Court says SocGen bears responsibility; tax break in jeopardy
Updated on

French judges said Jerome Kerviel must pay Societe Generale SA 1 million euros ($1.1 million), a fraction of the initial 4.9 billion-euro trading loss he caused more than eight years ago.

Societe Generale’s “multiple faults” mean the bank “had a major and decisive role” in allowing the incident, one of the most famous cases of rogue trading in history, the Versailles court of appeals said. The ruling may jeopardize a 2.2 billion-euro tax credit Societe Generale received in 2008 because of the record trading loss caused by Kerviel.