Kerviel wins US$510,000 in suit over SocGen firing

One up for trader: Kerviel is seen arriving at the Paris courthouse recently. The Paris Labour Court of Prud’Hommes orders the Societe Generale bank to pay 450.000 euros to Kerviel for dismissing him without cause. – AFP

PARIS: Jerome Kerviel, who was convicted of causing a record trading loss of 4.9 billion euros (US$5.6bil) at Societe Generale SA, won a payout of more than 450,000 euros (US$510,600) in a Paris employment lawsuit over claims he was unfairly dismissed.

The award yesterday includes 100,000 euros for unfair dismissal and his 300,000-euro bonus for 2007. The court, however, rejected Kerviel’s multi-billion euro request for more than the underlying loss at the bank.