Ex-Societe Generale trader Kerviel fails to secure a fresh inquiry

City A.M. Reporter
A FRENCH employment tribunal yesterday rejected former Societe Generale trader Jerome Kerviel’s plea for a new expert inquiry to help overturn his dismissal in France’s biggest-ever trading scandal in 2008.

In a separate criminal case, Kerviel is running out of options to escape conviction and a jail sentence upheld by an appeals court in October over €4.9bn (£4.2bn) in losses that French bank SocGen said were the result of unauthorised trades by Kerviel.

The 36-year-old ex-trader, who was ordered to repay the huge sum in its entirety, has never denied masking the €50bn in market positions that went wrong as the financial crisis unfolded in early 2008. But he has always said bosses knew what he was doing, something SocGen denies.

Kerviel has asked the employment tribunal to overturn his dismissal and grant him €4.9bn in damages but no new inquiry will now be opened. An unshaven and tieless Kerviel yesterday said he was disappointed but would keep fighting ahead of a final ruling by the employment tribunal, which could take months.

“I am disappointed, of course ... They’ve refused (my demands),” he said. “We will keep going.”