Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a658531
Rogue trader sues Société Générale for £4.2 billion
by Daniel Grote on Feb 13, 2013 at 07:30
Rogue trader Jerome Kerviel is suing his former employer Société Générale for €4.9 billion (£4.2 billion), representing the extent of the losses the bank incurred when unwinding his trades, according to reports.
Kerviel (pictured), who was convicted to three years in jail for forgery and breach of trust in circumventing trading limits, has filed a case in the Paris labour court.
He told RTL radio that he hoped a court analysis would show he wasn't responsible for the losses the bank incurred.
‘I want that figure verified because I believe it is not a Kerviel loss,’ he said.
Markets
News sponsored by:
Today's top headlines
iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
But as with any newer product, especially in the financial world, various misconceptions about ETFs have perpetuated over the years and iShares is committed to addressing and ultimately dispelling these.
leave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.