From: Reuters
Published February 13, 2008 11:26 AM

Rogue trader Kerviel appeals against detention

PARIS (Reuters) - Lawyers for Jerome Kerviel, the rogue trader blamed by French bank Societe Generale for huge losses, lodged an appeal against his detention, the Paris prosecutor's office said on Wednesday.

Kerviel placed a secret wrong-way bet on the share market which Societe Generale <SOGN.PA> blames for a $7 billion trading loss in the world's biggest rogue trading scandal.

Kerviel has been held in prison since Friday, when a Paris court ordered him to be held while judges conduct an investigation. It ruled that he should be detained due to the "necessities" of the probe and because he could flee abroad.

Such appeals rarely succeed because the court, France's top court, the Cour de Cassation, can only rule on points of law, not reexamine the facts. The court has up to three months to reach a decision, a judicial source said.


(Reporting by Thierry Leveque; writing by Francois Murphy; Editing by Paul Bolding)

Terms of Use | Privacy Policy

2018©. Copyright Environmental News Network