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French court rules SocGen fired ex-trader Kerviel without cause

Societe Generale fired former trader Jerome Kerviel without real and serious cause, a French labour court ruled on Tuesday, ordering the bank to pay him 450,000 euros ($510,255), according to his lawyer and a court official.

A SocGen spokesman said the bank would appeal the decision.

French rogue trader Jerome Kerviel (L) arrives on July 4, 2013 in Paris, at the Prudhommes court.
Francois Guillot | AFP | Getty Images
French rogue trader Jerome Kerviel (L) arrives on July 4, 2013 in Paris, at the Prudhommes court.

Kerviel was sentenced to three years in jail after being convicted by a Paris court in October 2010 for breach of trust and fraud in the loss of billions of euros in trades.

Kerviel lawyer David Koubbi told Reuters the court decision "tore apart the story which Societe Generale has presented from the beginning".

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