French Court Drops $7B In Penalties For Ex-SocGen Trader

Law360, New York (March 19, 2014, 1:04 PM EDT) -- France's top appeals court on Wednesday upheld a three-year prison sentence for Jerome Kerviel, the ex-Societe Generale trader whose high-risk moves brought the French bank to the brink of collapse in 2008, but reversed €4.9 billion ($6.83 billion) in civil penalties. 

According to Agence France Presse, the Court of Cassation referred the monetary damages, aimed at repaying the French bank for the losses caused by his rogue trading, to another Paris-area court to be reviewed.

“It's a victory,” one of Kerviel's lawyers, David Koubbi, told the...
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