/ 13 February 2008

Rogue trader Kerviel appeals against detention

Lawyers for Jerome Kerviel, the rogue trader blamed by French bank Société Générale for huge losses, lodged an appeal against his detention, the Paris prosecutor's office said on Wednesday. Kerviel placed a secret wrong-way bet on the share market that Société Générale blames for a -billion trading loss in the world's biggest rogue trading scandal.

Lawyers for Jerome Kerviel, the rogue trader blamed by French bank Société Générale for huge losses, lodged an appeal against his detention, the Paris prosecutor’s office said on Wednesday.

Kerviel placed a secret wrong-way bet on the share market that Société Générale blames for a $7-billion trading loss in the world’s biggest rogue trading scandal.

Kerviel has been held in prison since Friday, when a Paris court ordered him to be held while judges conduct an investigation. It ruled that he should be detained due to the ”necessities” of the probe and because he could flee abroad.

Such appeals rarely succeed because the court, France’s top court, the Cour de Cassation, can only rule on points of law, not re-examine the facts. The court has up to three months to reach a decision, a judicial source said. — Reuters