” The court had proceeded on the civilian side, a review of the faults of Jerome Kerviel and the Société Générale, the civil party, and appreciated the extent to which these errors have contributed to the damage “. In its press release, the court of appeal of Versailles is a fair distribution of faults and roles . And that is exactly what it is throughout the 29 pages of the judgment, which brings in $ 4.9 billion to one million euros damages and interest owed by the ex-trader Jérôme Kerviel to Société Générale, his former employer. For a judgment is a judgment of Solomon.
Yes, ” Jerome Kerviel [is] partially responsible for the harm caused to Society in General “ but yes, also, the shortcomings of the ex-trader ” because of their number and their severity, “ are not ” negligence “point but ” the choice managerial that have (…) open to an employee with malicious intent such as Jerome Kerviel a wide field of action where he could develop his conduct tortious “. The court declared that the ex-trader ” partly guilty ” of the facts alleged against her, without omitting any of his faults.
The minister free to request the tax authority to re-examine the folder
And the judges specify from the outset that Jerome Kerviel ” has been definitively convicted of offences committed to the detriment of the Company-General “. The prejudice of the bank is, thus, to ” 4.915.610.154 euros “. Because ” the bank had no other choice given the regulatory constraints of prudence, and by reason of the obligations arising from the general regulations of the autorité des marchés financiers to liquidate, without delay, the positions taken fraudulently by Jerome Kerviel “.
Prior to the hearing, the government had indicated that it would ” all the consequences “ of a judgment in favour of the ex-trader. For the record, in the wake of the fraud in 2008, the bank of Defence had used a mechanism known as “carry back” to deduct a portion of its losses of its tax note and thus realize a tax savings of 2.2 billion euros. The balanced decision now leaves the minister free to request the tax authority to re-examine the claim of Society in General.
According to Jean Veil, one of the lawyers of the bank, the government should not be able to request the refund of $ 2.2 billion, ” given the drafting of the judgment, and given what is the case law in the matter “. ” There should be a deliberate mistake, a fault excessive [of the bank] in the past and it is not what is written in the judgment of the court of appeal of Versailles today “, he said.
For the defender of Jerome Kerviel, David Koubbi, on the contrary, ” someone at the Company General must prepare a pen and a checkbook “ to repay the amount, ” siphoned “ of public funds in the wake of this scandal.
The fable of the ” the bank knew “
however, ” Jérôme Kerviel has in fact taken positions directional non-permitted concealed by a series of sham operations “, explain to the magistrates, insisting on the ” answers false “ or ” reassuring “ that providing ” in internal controls “. Judges refuse to enter in the fable of the ” the bank knew, “ initiated by Jérôme Kerviel and his advice, because the ex-trader ” has been unable to explain why the Society in General would have been the instigator of these pronouncements that he was running foolish risks, why he had been chosen to lead this operation of death, and why he would have done everything, up to the last limit to conceal his actions with such a luxury of processes fraud “.
However, the judges are not more helpful for the bank : ” The multiple deficiencies highlighted by the Green and by the banking Commission to prove that the Société Générale was allowed to develop a system that is deficient, which has enabled the design and realization of the crimes committed by Jérôme Kerviel “. In 2008, the banking Commission has imposed a fine of € 4 million for ” serious shortcomings “ in the internal control system of the bank. And the judges concluded that ” if the faults of criminal acts committed by Jérôme Kerviel have directly contributed to the production of the damage suffered by the Company in General, the offenses multiple violations by the bank have had a major role and factor in the causal process of the origin of the constitution of the very significant harm which has resulted, for it “. And this is worth 1 million euro to Jerome Kerviel, but no more.
by doing This, the stop cut a little momentum “victim” of the defense of the ex-trader, which will be difficult now to find a new angle of attack . “The fight continues “and the decision of the court of appeal” gives me the energy to continue (the) fight “, responded the ex-trader, assailed by the journalists. “ The court was degreased for 99.98% of the sum ” caused by Jerome Kerviel, has welcomed his lawyer David Koubbi. Forgetting that the judges said in their judgment that “ the conviction of Jérôme Kerviel being definitive on the public action, its criminal offence is granted, and may not be challenged through the discussion on civil interests “… and that the damages be reduced to the proportions kind of take a reality due.
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