Rogue Traders of the World, Unite!


Will no one protect French workers from their rapacious capitalist overlords? Consider the now notorious case of banker Jerome Kerviel, thrown into the cold for losing a mere $7 billion.

Jérôme Kerviel is challenging Société Générale for failing to respect French labour law when the bank fired him over an alleged €4.9bn ($7bn) rogue trading scandal.

However, a spokesman for Mr Kerviel on Thursday dismissed reports that he was suing the French bank for unfair dismissal. He said the former equity derivatives trader was "only standing up for his rights".

Mr Kerviel received a letter confirming his formal dismissal from SocGen while he was in jail earlier this year. His lawyer wrote back in early February challenging the bank for not respecting labour laws.

One aspect of his challenge is the claim that SocGen failed to comply with the French legal requirement for employers to hold face-to-face meetings with any staff they fire to explain the reasons for the move.

Kerviel's spokesperson says the former trader doesn't actually want his job back. He just wants to know the reason for his dismissal.

Via Free Exchange.