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Court orders rogue trader release Court orders rogue trader release
(10 minutes later)
A French court has ordered that the former Societe Generale trader, accused of losing billions of euros, be released from custody.A French court has ordered that the former Societe Generale trader, accused of losing billions of euros, be released from custody.
Jerome Kerviel has been held in prison since 8 February, as the investigation into the 5bn euros ($7bn)lost at his former employer continues. Jerome Kerviel has been held in prison since 8 February, as the investigation into the 5bn euros ($7bn; £3.5bn) lost at his former employer continues.
Societe Generale says that he used inside knowledge to cover up trades.Societe Generale says that he used inside knowledge to cover up trades.
But an internal report by criticised the bank's oversight of traders, saying that some procedures were lax.But an internal report by criticised the bank's oversight of traders, saying that some procedures were lax.
Societe Generale announced the trading losses in late January and shortly after Mr Kerviel turned himself into police.Societe Generale announced the trading losses in late January and shortly after Mr Kerviel turned himself into police.
Prosecutors accused him of breach of trust, fabricating documents and illegally accessing computers.Prosecutors accused him of breach of trust, fabricating documents and illegally accessing computers.
Last month they won a court order to have Mr Kerviel jailed, arguing that he might undermine the investigation by talking to others caught up in the probe.Last month they won a court order to have Mr Kerviel jailed, arguing that he might undermine the investigation by talking to others caught up in the probe.