Societe Generale Hit With Shareholder Class Action

Law360 (March 12, 2008, 12:00 AM EDT) -- Societe Generale, the French bank that lost more than $7 billion due to a rogue investor's allegedly fraudulent trades, was hit with a proposed shareholder class action Wednesday, brought on behalf of purchasers of American Depository Receipts and U.S. purchasers of the company's stock.

A Missouri ADR purchaser filed the suit on behalf of the proposed class in the U.S. District Court for the Southern District of New York.

The complaint alleges that the company and its CEO, Daniel Bouton, issued misleading statements about the company's...
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