Rogue trader to learn if he's to pay back $5.5B on his own
VERSAILLES, France — Former French trader Jerome Kerviel will learn Friday whether he'll have to pay a staggering 4.9 billion euros ($5.5 billion) to the bank that employed him when he piled up huge losses through reckless operations, a bill he'd have no realistic chance of covering in his lifetime.
An appeals court near Paris will rule on whether to uphold, quash or cut the amount of civil damages that Kerviel was initially ordered to pay bank Societe Generale in compensation for the losses revealed in 2008.
In June, the prosecutor asked the judges to throw out the damages altogether. If the court follows his arguments, it would be a stinging defeat for the bank after years of legal battle.
In one of the biggest ever trading fraud cases, Kerviel was sentenced to three years in prison for nearly bringing down the bank with dubious financial operations just before the financial market meltdown in 2008.
http://www.msn.com/en-us/money/markets/rogue-trader-to-learn-if-hes-to-pay-back-dollar55b-on-his-own/ar-BBwwmVp?li=BBnb7Kz
