Recent Blog Posts
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Ooops
Nov 23 200912:01 am EDT -
The Era of the Renminbi Is at Hand
Nov 20 20092:55 pm EDT -
Computer Glitch Snarls Air Traffic
Nov 19 200910:29 am EDT -
Dollar Doldrums? What Dollar Doldrums?
Nov 19 20098:48 am EDT -
American Express Makes a Revolutionary Deal
Nov 18 200912:05 pm EDT -
Calpers Puts Pressure on Private Equity Funding and Fees
Nov 18 200910:27 am EDT -
Madoff Makes Millions (for Others)
Nov 18 20096:04 am EDT -
Lazard Looks Within Its Ranks for New Chief
Nov 17 20091:44 pm EDT -
A Brutal Morning for Geithner
Nov 17 20098:02 am EDT -
GM to Start Payback
Nov 16 20095:57 am EDT
SocGen Saga Gets a Bit More Sordid
And they say Americans are litigious?
Jerome Kerviel, the Société Générale trader whose actions have been blamed for nearly $7 billion in losses for the French bank, is being sued by his supervisor for "moral harm," according to a report by Le Figaro.
Kerviel has told investigators that the supervisor, Éric Cordelle, was aware of at least some of his unauthorized trades. Kerviel, through his lawyers, of course, holds open the option of filing his own lawsuit against SG, accusing it of improper dismissal.
Cordelle's civil lawsuit — which French prosecutors want thrown out — may be an attempt to save his own job. But by his legal reasoning, ousted chiefs of struggling banks and mortgage companies across the land could sue subordinates for harm inflicted by their companies' risky loans and complex derivatives.
Note to M. Cordelle and any would-be victims: Le buck stops here.
by Amy Cortese
