French court rules SocGen fired ex-trader Kerviel without cause

© Reuters. Previous trader Jerome Kerviel leaves the courthouse in Paris, France

PARIS (Reuters) – Societe Generale (PA:-RRB- fired previous trader Jerome Kerviel without “genuine and severe cause”, a French labor court ruled on Tuesday, ordering the bank to pay the guy who cost it billions in trading losses 450,000 euros ($510,255) in compensation. SocGen lawyer Arnaud Chalut branded the ruling “scandalous” and said his customer would appeal versus a decision he stated ran counter to the law. Kerviel, 39, was sentenced to 3 years in jail after being founded guilty by a Paris court in October 2010 for breach of trust and scams in the loss of 4.9 billion euros in equity derivatives trades that went awfully incorrect in 2008. Kerviel has stated his managers should have understood his actions, something the bank has constantly strenuously denied. His legal representative, David Koubbi, informed Reuters the labor court decision “restores justice and tears apart the story that Societe Generale has provided from the start”. The judgment, handed down by a tribunal made up of equivalent varieties of company and trade union representatives, comes as Kerviel faces a different civil case due to start next week prior to an appellate court about how much he has to pay the bank to the losses. It appears bound to fuel controversy over the function of labor courts after the Socialist government dropped an attempt this year to restrict by law the quantity of damages they can award for wrongful termination. Disclaimer: Blend Media want to remind you that the information consisted of in this website is not necessarily real-time nor precise. All CFDs (stocks, indexes, futures) and Forex rates are not supplied by exchanges but rather by market makers, and so prices might not be precise and might differ from the real market price, implying prices are indicative and not suitable for trading purposes. Therefore Blend Media does n`t bear any obligation for any trading losses you might incur as a result of using this information. Fusion Media or anybody included with Blend Media will decline any liability for loss or damage as an outcome of dependence on the info consisting of information, quotes, charts and buy/sell signals consisted of within this site. Please be completely informed concerning the dangers and costs related to trading the financial markets, it is among the riskiest financial investment types possible.

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