Friday, September 23, 2016

Société générale: Kerviel sentenced to a million euros, instead of $ 4.9 billion – The Point

The Versailles appeal Court has reduced Friday from $ 4.9 billion to one million euros damages and interest owed by the ex-trader Jérôme Kerviel to Société Générale, his former employer.

The Court said: “Jérôme Kerviel partially responsible for the harm caused to Society in General”.

“The struggle continues” and the decision of the Court of appeal “gives me the energy to continue (the) fight”, responded promptly, the ex-trader, assailed by the journalists. “The Court has rendered for 99.98% of the sum due by Jérôme Kerviel, has welcomed his lawyer David Koubbi.

One of the lawyers of the Société Générale, Jean Veil, has welcomed a decision “satisfactory”. The judgment of the Court makes it, according to him, the decision is executable.

however, The Court has rejected the application of financial expertise claimed by the defense.

She said in a press release to have “estimated that deficiencies in the organization and control mechanisms and security of the bank, identified in particular by the Green and the banking Commission, and also sanctioned by the latter, had a character of wrongdoing in the civil level”. These “deficiencies” have it, “contributed to the production of the damage, limiting the right to compensation of the Company General”.

The Court was therefore “sovereign appreciated the extent to which the right to compensation, the civil party was reduced, and fixed at one million euros, the amount of the damage put to the burden of Jérôme Kerviel”.

The ex-market operator of the 39-year-old has already been finally convicted criminal to five years in prison, including two suspended, for maneuvers trading of fraudulent which resulted, in 2008, to 4.9 billion loss for the bank.

23/09/2016 14:10:39 – Paris (AFP) – © 2016 AFP


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