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MONDAY, NOVEMBER 23, 2009
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Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

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(Newser) – The rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was released on bail last month after 31 days in jail on charges of breach of trust, fabricating documents, and illegally accessing computers.

He claims that his enormously risky trades were in fact in the black when his bosses shut him down— and only when SocGen unwound them did the losses occur. He is also claiming wrongful termination on technical grounds. A worker can only be fired in France face-to-face, which is impossible under his bail terms which bar him from meeting with staff.

Jerome Kerviel, the trader accused of causing massive losses at French bank Societe Generale, leaves La Sante prison in Paris, Tuesday, March, 18, 2008.
Jerome Kerviel, the trader accused of causing massive losses at French bank Societe Generale, leaves La Sante prison in Paris, Tuesday, March, 18, 2008.   (AP Photo/Michel Euler)
People leave the Societe Generale bank headquarters Wednesday outside Paris in this Feb. 20, 2008 file photo.
People leave the Societe Generale bank headquarters Wednesday outside Paris in this Feb. 20, 2008 file photo.   (AP Photo/Remy de la Mauviniere, file)
Jerome Kerviel waves as he leaves a Paris prison Tuesday, March 18, 2008.
Jerome Kerviel waves as he leaves a Paris prison Tuesday, March 18, 2008.   (AP Photo/Christophe Ena)
Jerome Kerviel, the trader accused of causing massive losses at French bank Societe Generale, leaves La Sante prison with his lawyer Elisabeth Meyer in Paris, Tuesday, March, 18, 2008.
Jerome Kerviel, the trader accused of causing massive losses at French bank Societe Generale, leaves La Sante prison with his lawyer Elisabeth Meyer in Paris, Tuesday, March, 18, 2008.   (AP Photo/Michel Euler)
Jerome Kerviel, the trader accused of causing massive losses at French bank Societe Generale, leaves La Sante prison in Paris, Tuesday, March, 18, 2008.
Jerome Kerviel, the trader accused of causing massive losses at French bank Societe Generale, leaves La Sante prison in Paris, Tuesday, March, 18, 2008.   (AP Photo/Christophe Ena)
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