A French appeals court has cut the amount of damages owed by trader Jerome Kerviel to his former employer Societe Generale to a million euros.
A French appeals court has cut the amount of damages owed by trader Jerome Kerviel to his former employer Societe Generale to one million euros.
He had initially been told to repay the entire losses of 4.9 billion euros incurred through his dealings, but that has been overturned by subsequent rulings.
The court in Versailles said Kerviel was “partially responsible” for the bank’s losses suffered through his reckless trades in 2008.
But it also found Societe Generale had shown “deficiencies” in its oversight.
The decision is being seen as a sign that the bank’s lack of controls are increasingly held up as a major factor.
[Vidéo] #Kerviel “fonde énormément d'espoir sur la décision de la cour d'appel de #Versailles“
20Minutes</a> le suit toute la journée... <a href="https://t.co/IzYQfoIHuY">pic.twitter.com/IzYQfoIHuY</a></p>— Vincent Vantighem (vvantighem) September 23, 2016
The trader says the decision is a sign of progress that gives him “enormous hope” and the energy to continue his fight.
The 39-year-old was originally sentenced to three years in prison for fraud, breach of trust and forgery – a decision upheld in 2014.
In a separate civil case this year Kerviel won a claim for unfair dismissal against the bank.