Published on 23/09/2016

Societe Generale's position following the ruling of the Versailles Court of appeal

Societe Generale is satisfied with the judgment made by the Versailles Court of Appeal, which recognises Jerome Kerviel’s civil liability.

This ruling follows on from Jerome Kerviel’s definitive sentencing to five years’ imprisonment, in particular for having committed the crimes of forgery and breach of trust.

The Versailles Court of Appeal rejects Jerome Kerviel’s application for an expert determination of the damage suffered by Societe Generale, and therefore confirms that the net losses suffered by the Bank as a result of his criminal conduct amount to €4.9 billion. After having recalled the manner in which Jerome Kerviel entered into his fraudulent trading positions, the court appeal approved in clear terms the manner in which the positions were unwound by the Bank after they had been discovered.

By ordering Jerome Kerviel to pay 1 million euros in compensation for the harm caused by his criminal conduct, the court made a realistic decision with regard to his capacity to reimburse.

This judgment has no impact on Societe Generale’s tax situation