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Top French appeal court to rule on ex-trader Kerviel

Published on Mar 19, 2014 8:27 AM
 
Former Societe Generale trader Jerome Kerviel sits in a Hotel in Modena on March 18, 2014. -- PHOTO: AFP

PARIS (REUTERS) - France's highest court of appeal is set on Wednesday to deliver what may be the final word on the fate of former Societe Generale trader Jerome Kerviel, who has spent more than three years fighting a jail sentence over massive market bets that almost brought the bank to the brink of collapse in 2008.

Kerviel, 37, turned to the Court of Cassation in 2012 after losing his initial appeal against a three-year jail sentence and a fine of 4.9 billion euros (S$8.61 billion), designed to compensate SocGen for its losses when it unwound the trader's mammoth positions in the midst of the financial crisis.

The trader has never denied masking his 50 billion euro positions but accused his bosses of knowing what he was doing.

The courts, however, twice backed SocGen's insistence Kerviel acted alone.

 
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