BusinessCompany NewsSocGen rogue trader could face civil suit

SocGen rogue trader could face civil suit

The rogue trader accused of losing almost £4bn at SocGen could be sued by managers for ruining their careers

Eric Cordelle, the line manager of Jérôme Kerviel, the Société Générale rogue
trader accused of losing almost €5bn (£4bn), has applied to become a civil
plaintiff in the criminal case against Kerviel, paving the way for a damages
claim under French law.
Cordelle is one of several SocGen managers facing disciplinary procedures for
failing to stop the rogue trader and he could be sacked, bringin to an end a
promising career where he was appointed as head of Mr Kerviel’s desk last spring
after a four-year stint in Tokyo, The Times reports, citing Le Figaro,
the French daily.

The case might encourage other managers to follow suit if Cordelle’s claim is
approved.

Cordelle, a graduate of the prestigious National School of Statistics and
Economic Administration, claims he was duped by fake documents produced by
Kerviel to hide a series of unauthorised deals.

Further reading:

SocGen CFO takes deputy chief executive role

SocGen and the true and fair opt-out

Read
story in The Times

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