Ex-Société Générale Trader Wants 5.7 BILLION Euros From Bank Because F*ck You, That's Why

And you can't ask for 5.7 bajillion euros.

Remember when Société Générale mayyybe threw trader Jerome Kerviel under the bus for a multi-billion euro loss back in 2008, even though Kerviel said his bosses knew all about and encouraged his trading activity? Which set into motion a series of events in which Kerviel was sentenced to three years in jail, took a 900-mile walk through France and Italy to "protest the tyranny of the financial markets," met with the pope, and was ordered to pay the bank almost 5 billion euros in damages? Kerviel has since been let out of prison, having served just 5 of his 36 month sentence, been told he doesn't have to pay his old employer anything, and learned that the senior prosecutor who investigated him believed SocGen knew what Kerviel was doing the whole time but was "manipulated" by the French bank. Now he wants SocGen to pay him and since they're all demanding damages figures that have little basis in reality, he and his lawyer think they'll like this one a lot:

Kerviel, who is seeking 5.7 billion euros in compensation, believes Societe Generale had no grounds to fire him for gross misconduct because the bank was well aware of his trading activities, his lawyer, David Koubbi, told a court on Thursday. The lawyer justified the tit-for-tat demand for compensation, saying that it was only fair because the bank had previously pressed for Kerviel to pay back the full trading loss. “Societe Generale has created a legal precedent by which you are allowed to ask for 4.9 billion euros in damages without any proof,” Koubbi said.

Kerviel Sues SocGen for 5.7 Billion Euros Over 2008 Firing [Bloomberg]


Court Awards Jerome Kerviel 0.007991228% Of Damages He Demanded From Société Générale

The look on SocGen's face as a judge berated the bank for axing Kerviel probably made up for it.

Lawsuit Claims Société Générale Is Pretty Much The Worst

If you're gay and don't like being discriminated against for being gay. Otherwise it's the cat's pajamas.

Bonus Watch '12: Société Générale

The French bank has some very angry little mistmakers on its hands. "Societe Generale paid their 1st year investment banking analysts between 15k-50k in bonuses. Most juniors were furious, especially since this is 20-40% lower than Street. The firm is continually declining in the Americas within investment banking, and has reduced tremendous headcount over the past year. It relies heavily on trading revenues from derivatives, with very little resources dedicated to M&A, ECM, and DCM. In a period where other banks are cutting operations in the US, SocGen leads the pack in decline. In February 2012 head of CIB, Didier Valet, said that the firm would not compete with bulge brackets. Regardless of these negatives, SocGen continues to say that it is a top investment banking player. They are not, and juniors on Wall Street should know before entering into this trap."