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Ex-SocGen trader fights 4.9 billion euro payback

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Ex-SocGen trader fights 4.9 billion euro payback

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The French bank, Société Général, is defending the 2010 court ruling against former rogue-trader Jérôme Kerviel, that he repay the 4.9 billion euros it is claimed he lost through unauthorised and high-risk betting on the futures markets.

The loss took one of France’s oldest banks to the brink of collapse.

Kerviel claims the loss was not his fault and that his superiors knew what he was doing.