Societe Generale has today been ordered to pay €450,000 (£350,171) to Jerome Kerviel on the grounds the ex-trader was unfairly dismissed, according to various reports.
Kerviel has previously been found guilty for breach of trust and fraud, with his unauthorised trades losing the bank €4.9bn in 2008. He was convicted in 2010 and later sentenced to three years in prison but, in September 2014, was released after just five months.
The French court ruled that the bank fired the ex-trader without real cause. However a Societe Generale spokesperson said: "This decision is incomprehensible and inconsistent with the decision of the Supreme Court [Cour de cassation], which has passed definitive sentence on Jerome Kerviel. It is counter to the facts that have been judged. We will appeal against this decision."
Meanwhile, Kerviel's lawyer David Koubbi told Reuters this most recent court decision "tore apart the story which Societe Generale has presented from the beginning". Reported by City A.M. 7 hours ago.
Kerviel has previously been found guilty for breach of trust and fraud, with his unauthorised trades losing the bank €4.9bn in 2008. He was convicted in 2010 and later sentenced to three years in prison but, in September 2014, was released after just five months.
The French court ruled that the bank fired the ex-trader without real cause. However a Societe Generale spokesperson said: "This decision is incomprehensible and inconsistent with the decision of the Supreme Court [Cour de cassation], which has passed definitive sentence on Jerome Kerviel. It is counter to the facts that have been judged. We will appeal against this decision."
Meanwhile, Kerviel's lawyer David Koubbi told Reuters this most recent court decision "tore apart the story which Societe Generale has presented from the beginning". Reported by City A.M. 7 hours ago.