June 9, 2016

Rogue Trader awarded €400k for unfair dismissal

Former Société Générale rogue trader, Jérôme Kerviel, has been awarded over €400,000 after a Paris employment tribunal found in his favour for unfair dismissal.

Mr Kerviel was fired in 2008 after his trading activity cost that bank €4.9bn and brought it to the brink of collapse.

Interestingly, the employment tribunal found that Société Générale had fired Mr Kerviel 2without real and serious cause” and awarded him €100,000 in compensation and an additional €300,000 in bonus payments.

Mr Kerviel has always maintained that Société Générale were fully aware of his trades whilst the bank stated that they will immediately challenge the decision with the lawyer, Arnaud Chaulet, stating that “It’s a scandalous decision,” with the bank required to pay Mr Kerviel €80,000 immediately.

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