Attorney Olivier Metzner says thousands of Societe Generale SA’s own computer records will clear his client, Jerome Kerviel, of responsibility for the bank’s record 4.9 billion-euro ($6 billion) trading loss, Bloomberg News’ Alan Katz and Heather Smith report.
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.
Deutsche Bank AG salesman Jon-Paul Rorech didn’t illegally disclose information on a bond sale to a hedge-fund manager, a judge ruled in U.S. regulators’ first lawsuit alleging insider trading of credit-default swaps.
A federal judge denied the U.S. government’s request to delay an order that allows deepwater oil drilling to resume while the U.S. notified an appeals court it would challenge the decision lifting the six-month moratorium.
Recordings of L’Oreal SA heiress Liliane Bettencourt ’s conversations about political dealings and Swiss bank accounts may prompt the postponement of a trial over whether the 87-year-old was manipulated into giving a friend about a billion euros ($1.23 billion) in gifts.
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.