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Reports: French court slashes former SocGen rogue trader's penalty

Former SociétéGénérale SA rogue trader Jérôme Kerviel was "partly responsible"for its losses in 2008 and must pay the lender €1 million, a Versailles courtruled Sept. 23, according to a same-day Sky News report.

Kerviel's actions allegedly cost the French bank €4.9billion and he was initially fined the same amount, but the court found thatSocGen failed to properly supervise the trader for months, according to thenews outlet.

It added that although the same court previously upheldKerviel's 2014 sentence to three years in jail, he is now planning to appealthat decision.

Meanwhile, it was not clear if the €2.2 billion taxcompensation SocGen received from the French government will now have to berepaid, Reuters said the same day. Junior Budget Minister Christian Eckert hadsuggested earlier Sept. 23 that the state might seek to recover the moneydepending on the verdict in Kerviel's case, Reuters reported separately.