Jérôme Kerviel, the French trader who is accused of orchestrating a huge trading scandal at Société Générale, won a last-minute reprieve on Tuesday after an order sending him to trial was frozen by France’s highest appeals court.
French bank Société Générale said in January 2008 that it had lost 4.9 billion euros ($6.4 billion) after more than $70 billion in unauthorized bets were placed on derivatives just as the market turned.
The loss was more than double the lender’s 2008 net income, and pushed it to undertake a 5.5 billion euro rights offer to restore its capital. France’s Banking Commission fined the bank 4 million euros in July 2008 for internal control failures related to the loss.
Mr. Kerviel faces as much as five years in prison and a fine of 375,000 euros if found guilty of causing the losses.
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