Bloomberg News

Kerviel Complaint, SocGen Defamation Claim Probed

May 29, 2012

(Corrects first paragraph to say Kerviel isn’t in jail.)

Paris prosecutors are investigating Jerome Kerviel’s fraud complaint against former employer Societe Generale SA (GLE) as well as the bank’s defamation allegations against the former trader.

The prosecutor opened a preliminary inquiry into Kerviel’s complaint that Societe Generale hid a tax credit on the bank’s 4.9 billion-euro ($6.1 billion) trading loss from the court that convicted Kerviel in 2010, Agnes Thibault-Lecuivre, a spokeswoman for the prosecutor, said by phone.

Separately, the prosecutor on May 23 started another preliminary inquiry into Societe Generale’s defamation complaint against Kerviel, Thibault-Lecuivre said, without elaborating.

Kerviel is appealing the court’s decision ordering him to repay the trading loss and sending him to jail for three years. The sentence is suspended pending appeal. The Paris appeals court trial is scheduled to begin June 4.

Kerviel’s lawyer, David Koubbi, declined to comment when reached by phone. Societe Generale’s spokeswoman Nathalie Boschat, based in Paris, declined to comment. French daily newspaper Le Monde reported the preliminary investigations earlier today.

To contact the reporters on this story: Fabio Benedetti-Valentini in Paris at; Heather Smith in Paris at

To contact the editors responsible for this story: Frank Connelly at; Edward Evans at

The Good Business Issue
blog comments powered by Disqus