{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='French court upholds prison for rogue trader who lost Societe Generale 4.9 billion euros' data-url='/boclips/videos/5c54bda3d8eafeecae13585d' data-video-url='/boclips/videos/5c54bda3d8eafeecae13585d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFrench court upholds prison for rogue trader who lost Societe Generale 4.9 billion euros\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFrance's highest court upheld on Wednesday a prison sentence for one-time rogue trader Jerome Kerviel but threw out the 4.9 (b) billion euros (7 (b) billion US dollars) in civil damages he'd been ordered to pay back.Kerviel was convicted...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFrance's highest court upheld on Wednesday a prison sentence for one-time rogue trader Jerome Kerviel but threw out the 4.9 (b) billion euros (7 (b) billion US dollars) in civil damages he'd been ordered to pay back.\u003cbr/\u003eKerviel was convicted in 2010 of carrying out one of the biggest trading frauds in history that almost took down his bank, Societe Generale, with 4.9 (b) billion euros in losses. \u003cbr/\u003eHe sees himself as a victim of a system that turned a blind eye to his illegal trades as long as they made money for the bank.\u003cbr/\u003eKerviel had appealed the sentence of three years in prison, which had already been upheld once before by a lower appeals court.\u003cbr/\u003eKerviel is currently in Italy, walking back to Paris on a pilgrimage after meeting the pope. \u003cbr/\u003eOutside the courtroom in Paris, Kerviel's lawyers claimed a partial victory.\u003cbr/\u003eThe high court ordered the civil damages to be retried by an appeals court in Versailles.\u003cbr/\u003e19 March 2014\u003cbr/\u003e1. Wide exterior of court\u003cbr/\u003e2. Patrice Spinosi and David Koubbi, lawyers representing rogue trader Jerome Kerviel, entering courtroom\u003cbr/\u003eFILE: June 2012\u003cbr/\u003e3. Various of Kerviel walking outside tribunal with his lawyer Koubbi\u003cbr/\u003e19 March 2013\u003cbr/\u003e4. Lawyers coming out of courtroom\u003cbr/\u003e5. SOUNDBITE (French) Patrice Spinosi, lawyer representing Jerome Kerviel \u003cbr/\u003e\"The Court of Cassation has cancelled the decision to condemn Jerome Kerviel to pay 5 (b) billion euros (7 (b) billion US dollars) to the Societe Generale. So today, Jerome Kerviel doesn't owe this money and the court has recognised that there were some faults by the Societe Generale in its obligations. What were these obligations? Control and obligations of verification. A new Kerviel trial will be held in front of the appeal court of Versailles or the Societe Generale will have to prove that it didn't commit any mistakes and that these faults are not linked to the harm it invokes. So it will give the opportunity for Jerome Kerviel to make his voice heard and to prove what he always said: that the Societe Generale was also responsible of the faults that were committed.\"\u003cbr/\u003e6. Koubbi talking to media\u003cbr/\u003e7. SOUNDBITE (French) David Koubbi, lawyer representing Jerome Kerviel \u003cbr/\u003e\"We told Jerome Kerviel about this decision. We take this decision as a strong victory because everything that made us be interested in this case from its beginning doesn't exist anymore today from what the Societe Generale said.\"\u003cbr/\u003e8. Societe Generale lawyer Jean Veil talking to journalists\u003cbr/\u003e9. SOUNDBITE (French) Jean Veil, lawyer representing Societe Generale\u003cbr/\u003e\"We will go in front of the appeal court of Versailles to explain what we've always said: when the facts were discovered, we knew there were some failures in our system, failures that we have fixed, failures for which we spent hundreds of (m) millions of euros (US dollars) to change our control system. And today, this cannot happen again in the same way. Therefore we absolutely don't have the feeling, within the Societe Generale, that we have lost our case.\"\u003cbr/\u003e10. 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