After eight years of proceedings, the Kerviel case takes a new turn. This time, the man who cost 5 billion at Societe Generale became, in the eyes of the Labor Court, an employee dismissed without just cause. He pockets, at the same time 455 000.
STORIES & gt; & gt; Kerviel gets 455,000 euros for his dismissal by the General Society
this Labour Law in judgment is a real turnaround in the Kerviel affair. No doubt that will be used in different files of the former trader being examined in other jurisdictions.
Four points of law support the verdict June 7, 2016 by the Fifth Chamber of the Labour Court of the coaching section of Paris, which had heard the arguments of both parties on May 19
Prescription facts on the dismissal for gross negligence
For the requalification of dismissal for gross misconduct dismissal without just cause, Jerome Kerviel invoked the prescription of the facts at the time of sanction. According to him, the General Society knew his actions since 2005 and therefore could not dismiss him on that ground. Charge him to prove it.
The dismissal letter of 12 February 2008 states: “You have taken mainly in 2007 and early 2008 directional positions on various European stock indexes, a significant amount (around 50 billion euros). ” The bank says therefore have been aware of the criminal acts of his employee only in January 2008.
Problem: “Societe Generale, alerted by the AMF, acknowledges reprimanded Mr. Kerviel orally mid-2005 “, is it noted in the judgment. In addition, show judges, “Mr. Kerviel product mail [on different positions] dated 16 April 2007, addressed to five different people from the bank.”
Finally, several emails from 20 August 2007 show that Societe Generale “has itself warned Mr. Kerviel its excesses, can not validly claim not to have been informed by 18 January 2008″ .
Result: judges follow Kerviel referring to the prescription of facts defined by the provisions of Article L1332-4 of the labor code, “any negligent act may give rise alone to commitment of disciplinary proceedings beyond a period of two months from the date on which the employer becomes aware of, unless this fact has resulted in the same period to a criminal prosecution. ”
The facts being prescribed, the dismissal is declared without just cause. This is what led to the granting of various sums to former trader.
More than 133 000 euros severance pay
inall logic, opens dismissal without just cause is to dismissal desindemnités. Kerviel claimed 13 609.23 eurosd’indemnité conventional termination, 36 months of injury and intérêtspour dismissal without just cause or 324 383.76 EUR 18 083.32 euros compensation in lieu of notice and 1 EUR 803.33 congéspayés relating to the notice.
The Labour Court has partially donnédroit the demands of the former trader by providing compensation conventionnellede dismissal he asked, and the compensatory allowance and lescongés paid thereon. The dismissal without just cause enrevanche he granted a third of the applications 100 000 euros – inftead of 324 383.76 euros requested.
By setting the judgment wages moyennemensuelle in 9041, 66 euros, judges grant the trader salary moisde 11 (6 months being the minimum that could be conferred on vertude Article L1235- 3 of the Labour code).
A dismissal considered “vexatious”: 20,000 euros extra …
relatively rare cases to industrial tribunals, the caractèrevexatoire this dismissal was retained. Kerviel demanded 170 000 euros in this respect. The Labour Court has granted 8.5 times less … but its symbolism remains essential.
The decision of 7 June justifiela recognition of the vexatious nature of the dismissal plus 20 000 euro by the fact that “… the dismissal was particulièrementmédiatisé” but also “that the dismissal does not meet the code auxexigences labor, depriving the real etsérieuse cause “and that” the existence of injury and decelui this evaluation fall within the discretion of the trial court. ”
300 000 bonus
Jerome Kerviel claimed 300,000 euros bonus for the year 2007: it has obtained the full. The burden of proof incumbent upon it.
Among the arguments retained the testimony of its N + 2, which states: “the assessment of performance and Mr Kerviel work in 2007 in his assessment interview (November 2007) was very positive with a bonus around 300,000 euros. Mr Kerviel would receive a higher remuneration in view of its experience and track record. ” The judges also noted that while Societe Generale said that the trader’s employment contract provides for “no contractual bonus or percentage on results” and that “the bonus only discretionary” however “Societe Generale n ‘ not contest the particularly high 2007 results Mr. Kerviel, it confirmed in court that these were around $ 1.4 / € 1.5 billion. ”
The industrial tribunals do not fail to remember that “Societe Generale, despite being fully aware of the fictitious operations of Mr. Kerviel and his fraudulent schemes to achieve such a result does has nevertheless recorded that 1.4 billion euros in its accounts. ” And to drive the point: “the proposed bonus for 2007 designed to confirm the results of 2007, in these conditions this Council is justified in condemning the General Society Mr. Kerviel to pay the sum of 300 000 euro under the 2007 bonus. ”
Goodbye to 5 billion euros
This historic judgment does not however entitle the “damages for lack of good faith by the employer the execution of the employment contract “encrypted by Mr. Koubbi at 4,915,610,154 euros -like symbolic reminder of the loss estimated by Societe Generale by Jerome Kerviel.
Not surprisingly, the judges said that “at the bar, Mr. Kerviel said that this request was made for the sole purpose of responding, on the same basis, at the request of the General Society but he did not have the slightest proof. ”
Note also that Societe Generale was sentenced to 2 000 euros to Article 700 (Jerome Kerviel was asking 10,000).
Also pursuant to section L1235-4 of the Labour Code, the Board orders the reimbursement by the General Company for employment center of unemployment benefits paid to former trader “in limit of 5,000 euros. ”
Finally, it ordered “the provisional execution of the full amount not paid” and that “such additional amounts shall be recorded by Société Générale to the Caisse des Dépôts et Consignations”. Pending the appeal by the General Society at the exit of the hearing, the tidy sum that was granted to Jerome Kerviel will have to be paid by the bank and kept in the coffers of the Deposit.
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