On Tuesday, the Labour Court of Paris ordered Société Générale to pay more than 450 000 euros to its former trader for having dismissed without “real cause nor serious” and conditions “vexatious”. Arnaud Chaulet, lawyer of the bank, denounced an “outrageous” decision and appealed, noting that Kerviel was convicted under criminal law for fraudulent stock maneuvers.
Giving to former trader its first legal victory in the standoff that opposes eight years at Societe Generale, which makes the only responsible for a loss of 4.9 billion euros, the Labour court emphasized that the dismissal early 2008 had intervened to “facts prescribed.” He felt, in a very harsh judgment for the bank, the latter was aware of Mr. Kerviel overruns of limits on market operations “before” to give her dismissal January 18, 2008.
300 000 for the year 2007
This particular civil court granted the former trader the payment of 300 000 euro bonus for 2007, judging that the time the bank was “well aware of the fictitious operations” of Jérôme Kerviel, which generated profits for the group. By adding various allowances, including one for “humiliating conditions” of the dismissal, paid leave and compensation, the sum amounts to some EUR 455 000, including more than 80,000 payable immediately, counsel of Jerome Kerviel Julien Dami Lecoz. It warned the former trader by phone. “He’s very happy,” he said, hanging up.
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