BANKING WORLD! Court slashes damages to be paid by ex-trader Kerviel

A French appeals court has slashed the amount of damages expected to be paid by rogue trader Jerome Kerviel to €1m ($1.12m; £860,00).

The amount is a tiny fraction of the €4.9bn he was originally ordered to pay to his ex-employer Societe Generale.

Over immense losses resulting from his trades Kerviel was sentenced to 3 years in prison for fraud, breach of forgery and trust in 2010.

Following the choice that was latest Kerviel called for a retrial.

“The struggle continues,” he said. “I still believe I owe nothing to Societe Generale.”

He has always claimed that his superiors at the bank knew what he was doing.

The court recognized that Societe Generale had revealed “deficiencies” in its supervision, which was partially to blame for the loss.

Those who’ve viewed the case say the latest selection is an indication of how much attitudes have changed.

“That the sum has now been reduced to just €1m is a sign of how the view of the French courts towards the affair has evolved over the years,” said Hugh Schofield, BBC Paris correspondent.

“There is now an acknowledgement – more or less explicit – that the bank Societe Generale was also responsible for the losses incurred by its former trader, because of its lack of effective controls,” he added.