SocGen trader Kerviel on the hook for €4.9bn

Societe Generale's former trader Jerome Kerviel has had his appeal quashed by a French court which also said he is liable for the €4.9bn he lost the bank.

At a Court of Appeal hearing in Paris today, former trader Kerviel was told he would serve five years in prison, two of which have been suspended. In a further punishment, the Court of Appeal added Kerviel is liable to repay the €4.9bn he lost the bank. The bank spent the money unwinding deals he had put in place back in 2007 and 2008. Societe Generale claimed it was unaware what the trader was doing - and the risks he was taking after the huge losses came to light. However, Kerviel had argued the bank turned a blind eye as long as he was making it money. Back in October 2010 he...