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French rogue trader Jerome Kerviel to go to jail | French rogue trader Jerome Kerviel to go to jail |
(35 minutes later) | |
The French rogue trader who caused huge losses at bank Societe Generale has lost his appeal against a three-year jail sentence. | The French rogue trader who caused huge losses at bank Societe Generale has lost his appeal against a three-year jail sentence. |
France's highest court upheld the jail sentence against Jerome Kerviel but ordered a review of the 4.9bn euros (£4.1bn) in damages he was told to pay. | France's highest court upheld the jail sentence against Jerome Kerviel but ordered a review of the 4.9bn euros (£4.1bn) in damages he was told to pay. |
The court said a lower court decision had not taken into account the bank's own responsibility when it ordered him to make good the bank's entire losses. | The court said a lower court decision had not taken into account the bank's own responsibility when it ordered him to make good the bank's entire losses. |
Kerviel's lawyer called it "a victory". | Kerviel's lawyer called it "a victory". |
"We are starting afresh," said David Koubbi. | "We are starting afresh," said David Koubbi. |
"We are going to ask for an expert assessment to establish exactly what happened at Societe Generale. This is the end of the Jerome Kerviel case and the beginning of a new case against Societe Generale." | "We are going to ask for an expert assessment to establish exactly what happened at Societe Generale. This is the end of the Jerome Kerviel case and the beginning of a new case against Societe Generale." |
The bank responded by saying: "Jerome Kerviel has lost his court case. Societe Generale has won. There were failings at the Societe Generale but they have been repaired." | The bank responded by saying: "Jerome Kerviel has lost his court case. Societe Generale has won. There were failings at the Societe Generale but they have been repaired." |
'Available to police' | 'Available to police' |
Societe Generale revealed in 2008 that Kerviel had run up $50bn (£33bn; 38bn euros) of unauthorised trades which had to be unwound. | |
The process cost the bank 4.9bn euros - the biggest loss of its kind in history. | |
A new civil trial will take place to decide the eventual damages Kerviel will have to pay. | |
Kerviel has spent the past three weeks walking back to Paris from Rome, where he met Pope Francis, and is currently near Bologna. | Kerviel has spent the past three weeks walking back to Paris from Rome, where he met Pope Francis, and is currently near Bologna. |
He told the BBC the walk was helping him to come to terms with his past and his future. | He told the BBC the walk was helping him to come to terms with his past and his future. |
Kerviel has always admitted the unauthorised trades, but said officials at Societe Generale knew what he was doing but turned a blind eye as long as it was making money, says the BBC's Hugh Schofield in Paris. | |
Kerviel said: "The only goal was money, money, money for the bank. I didn't care about what I was doing." | |
He said he was not trying to evade justice: "I am going back to France - I remain at the disposal of justice and the police, so if they want me I am available." | He said he was not trying to evade justice: "I am going back to France - I remain at the disposal of justice and the police, so if they want me I am available." |