Latest update: 25/10/2012
Rogue trader Kerviel to serve 3 years in jail
Jérôme Kerviel, the trader who lost nearly €5 billion while working for French bank Société Générale, will serve three years of a five-year prison sentence, after a court in Paris rejected his appeal. Kerviel alleges his superiors knew that he was making high-risk bets and insists he is the victim of a cover-up. Meanwhile, the bank is working to recoup some of the money, and has put tighter controls in place to stop "rogue traders" racking up such losses again.