On 24 January 2008 the Bank announced that one of its traders had taken and concealed unauthorised positions on futures contracts amounting to €50 billion. Alerted by its control systems on 18 January 2008, the Bank had to urgently and secretly, in accordance with the authorities’ instructions, unwind these massive positions, incurring a record loss of €4.9 billion. On 28 January 2008, Jérôme Kerviel was charged and placed under court supervision. On 31 August 2009, after an investigation lasting nearly eighteen months, Jérôme Kerviel was brought to trial before the first-level criminal court (Tribunal Correctionnel) in Paris. On 5 October 2010, the court found Jérôme Kerviel guilty of “breach of trust, fraudulent entry of data into an automated processing system, forgery and use of forged documents.” He was sentenced to five years in prison, including a two-year suspended sentence, and required to pay €4.9 billion in damages to Societe Generale. Jérôme Kerviel appealed this ruling, which was later upheld by the Paris Court of Appeal on 24 October 2012. He then appealed to the Court of Cassation (“Cour de cassation”) In a ruling dated 19 March 2014, the Court of Cassation upheld Jérôme Kerviel’s criminal conviction, but overruled the compensation award, abandoning the hundred year-old legal convention of granting the victim of a criminal offence whose assets have been affected compensation for the losses caused by the offence. It referred the issue of compensation to the Versailles Court of Appeal. On 23 September 2016, the court ordered Jérôme Kerviel to pay €1 million in damages to Societe Generale for the crimes committed - a realistic ruling in view of his financial situation. Other legal proceedings are also under way: Jérôme Kerviel has lodged several complaints that are under investigation, in response to which Societe Generale has also filed suits to challenge the mendacious and unfounded allegations, and a case is still ongoing relating to labour law. Jérôme Kerviel has also requested a review of his criminal trial.