Rogue SocGen Trader Sues Bank Over $7B Loss Estimate

Law360, New York (July 11, 2013, 6:13 PM EDT) -- Jerome Kerviel, the convicted French trader whose rogue dealings allegedly cost Societe Generale SA €4.9 billion ($6.7 billion), has sued the bank for fraud in Paris court and challenged the accuracy of its massive loss estimate, his attorney announced Thursday.

Kerviel launched a civil suit Wednesday against Societe Generale, his attorney David Koubbi said. The trader was convicted in 2010 on charges of breach of trust, forgery and entering false data into computers, and was sentenced to three years in prison and ordered to repay the...
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