SocGen beats investor lawsuit

Societe Generale has won the dismissal of a shareholder lawsuit accusing the bank of concealing nearly €7bn (£6.03bn) of losses from a massive trading scandal and exposure to subprime mortgages. Investors accused the bank of ignoring dozens of warnings about rogue trader Jerome Kerviel, whose activity led to a loss of €4.9bn in January 2008 and brought the bank to the brink of collapse. A verdict in Kerviel’s criminal trial is expected on 5 October.