Feeds

Rogue trader sues SocGen for unfair dismissal

Bank 'failed to prove he did anything wrong'

Top 5 reasons to deploy VMware with Tegile

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. ®

Beginner's guide to SSL certificates

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.