French court slashes SocGen trader Jérôme Kerviel's damages to bank


The Versailles appeal court ruled that Kerviel, who was previously ordered to pay back 4.9 billion euros he was accused of having cost the Société Générale in rogue trading in 2008, should now pay back just 1 million euros.

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French judges said Jerome Kerviel must pay Société Générale 1 million euros ($1.1 million), a fraction of the initial 4.9 billion-euro trading loss he was accused of causing more than eight years ago, reports Bloomberg.