Jerome Kerviel, the former Societe Generale SA banker convicted in one of history’s biggest trading losses, has returned home to serve his three-year sentence after cutting short his crusade against the industry he once served.
Jacques Chirac will stand trial early next year on charges he created fictitious jobs as mayor of Paris, even after the former French president settled civil claims stemming from the affair, his lawyer said.
Dominique Strauss-Kahn’s ex-wife is set to recover a Matisse painting returned by Cornelius Gurlitt, the German art collector who for decades hoarded hundreds of works in his Munich apartment and in a house in Salzburg.
Jerome Kerviel, the former Societe Generale SA employee convicted for unauthorized transactions leading to one of the biggest trading losses in history, faces prison after a French court rejected his appeal.
Jerome Kerviel was sentenced to three years in prison and ordered to repay Societe Generale SA ’s 4.9 billion-euro ($6.8 billion) trading loss by a judge who said the former trader’s actions threatened the bank’s existence.
The trial of Jerome Kerviel, beginning more than two years after Societe Generale SA accused him of losing 4.9 billion euros ($5.8 billion) on unauthorized market bets, may turn on whether the trader can show the bank knew what he was doing.