Feeds

Rogue trader sues SocGen for unfair dismissal

Bank 'failed to prove he did anything wrong'

Bridging the IT gap between rising business demands and ageing tools

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. ®

Application security programs and practises

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.