SocGen ordered to pay settlement to former trader

Societe Generale has been ordered to pay former trader Jérôme Kerviel a sum of $511,000 following charges against the bank of unfair dismissal and damages. The French bank is poised to appeal against the decision as Kerviel faces allegations of conducting market bets that generated losses for the bank, causing its near-collapse in 2008.

PARIS--A French labor court ruled Tuesday that Société Générale SA fired former trader Jérôme Kerviel without “real or serious cause” and ordered the bank to pay him EUR450,000 ($511,000), a court official said.

The payout includes a EUR300,000 bonus for 2007 and over EUR150,000 for unfair dismissal and damages.