Rogue trader Jerome Kerviel has stuck it to his old bosses — big time.
A French appeals court cut the damage award Kerviel was ordered to pay Société Générale to $1.1 million from $5.5 billion. That’s right — billion.
The 39-year-old disgraced trader amassed a $56 billion position in hidden trades in 2008 before the bank found out. Kerviel almost took down the 152-year-old firm and cost the bank $5.5 billion to unwind his trades.
The court ruled that the bank should have had controls in place and that “limits Société Générale’s right to compensation,” WSJ.com reported. Kerviel claimed the $5.5 billion award handed down by a lower court was a “lifetime death sentence.”
Kerviel — who argued that the bank knew about his actions the whole time— was found criminally guilty in 2010 and spent three years in prison for breaching the bank’s trust.


