Feeds

Rogue trader sues SocGen for unfair dismissal

Bank 'failed to prove he did anything wrong'

Top three mobile application threats

Rogue trader Jérôme Kerviel, accused of losing Société Générale €4.9bn (£3.8bn), is to sue his former employer for unfair dismissal, the Times reports.

The 31-year-old, who was last month released on bail from prison after 37 days incarceration on breach of trust, fabricating documents, and illegally accessing computers raps, argues that his ejection from SocGen for gross misconduct is unlawful "because the bank has failed to prove he did anything wrong".

Kerviel's case rests on two points: that his massive gambles on markets were "actually in the black when his bosses stepped in", and that "French labour laws force employers to hold face-to-face meetings with employees to outline the case for terminating their work contract".

Regarding the former, Kerviel's lawyers stress "he was often successful when betting the bank’s money on the stock market and was €1.4bn up at the end of last year". They assert that SocGen was in fact responsible for the whopping loss after executives "took the decision to unwind Mr Kerviel’s positions as shares were tumbling on the world’s markets in January".

The latter point hinges on a "legal technicality". Kerviel's lawyers note that the required meeting is "impossible because Mr Kerviel’s bail conditions forbid him from entering into contact with SocGen staff".

Kerviel's legal team has duly filed papers "arguing that the dismissal process should be cancelled", but the Times understands he "does not envisage a return to his old job as a derivatives operator at SocGen". If he's successful in his claim, SocGen may be forced to pay compensation. ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.