Societe Generale Wants Shareholder Suit Nixed

Law360, New York (April 16, 2010, 4:36 PM EDT) -- Societe Generale Group has asked a federal judge to toss a shareholder suit accusing the French bank of insider trading, hiding almost €7 billion ($9.4 billion) in losses racked up by a rogue trader and concealing exposure to risky subprime mortgages.

The bank filed a motion Thursday in the U.S. District Court for the Southern District of New York to dismiss the suit with prejudice, arguing that the shareholders had failed to prove that the individual defendants knew of former trader Jerome Kerviel's misdeeds.

A shareholder...
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