{ "market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-18000", "open" : "1259332225", "close" : "1259344825", "flags" : {}} , "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com","arrowAsChangeSign" : false,"throttleInterval": "1000"}
ap

Societe Generale trader fails to get trial delayed

Societe Generale trader Kerviel fails in bid to block trial over massive losses

  • On 8:59 am EST, Tuesday November 10, 2009

PARIS (AP) -- A French court has rejected a bid by former trader Jerome Kerviel to avoid going to trial over heavy losses at bank Societe Generale.

The ruling Tuesday by the Court of Cassation means Kerviel will go to trial next year. No date has been set.

Kerviel's lawyer Olivier Metzner filed an appeal in September, saying the trial should not take place because the investigating judges relied too heavily on evidence provided by the bank.

Societe Generale said in January 2008 it lost nearly euro5 billion ($7.4 billion at the time) cleaning up what it said were unauthorized trades by Kerviel. The case exposed a culture of risk-taking blamed for feeding the financial crisis.

Kerviel is charged with forgery, breach of trust and unauthorized computer use.

Top Stories

Sponsored Links

Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.