Relevant:
- French rogue trader Jérôme Kerviel jailed for three years and ordered to repay €4.9 billion (which he'll make in 300,000 years)
- Ex-trader Kerviel sentenced to 3 years in jail
- Kerviel Says SocGen Was Sent Weekly Reports on Trading Accounts
- SocGen Report Validates Kerviel Defense, Lawyer Says
- Jérôme Kerviel seeks to put SocGen in dock over €5bn loss
2016-09-23 — wsj.com
Judges ordered Mr. Kerviel to pay €1 million to his former employer, overturning a previous ruling which ordering him to pay €4.9 billion to Société Générale.
The ruling is a qualified victory for Mr. Kerviel and a setback for Société Générale, because it establishes that responsibility for the lion's share of the losses ultimately lies with the French lender, not its former employee.
... the French government could reclaim a €2.2 billion tax deduction that the bank received after unwinding Mr. Kerviel's trade and posting a massive loss... Jean Veil, a lawyer for Société Générale, brushed off the idea saying he didn't believe that the government could claim the money back given that the bank hadn't committed a "deliberate" or "excessive" fault.
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