March 19, 2014 / 1:20 PM / 4 years ago

French court of appeal upholds Kerviel conviction

PARIS, March 19 (Reuters) - France’s highest court of appeal upheld former Societe Generale trader Jerome Kerviel’s criminal conviction and three-year jail sentence over massive market bets that brought the French bank to the brink of collapse in 2008.

However, the court overturned a civil ruling that demanded Kerviel pay a fine of 4.9 billion euros ($6.8 billion) that matched the bank’s losses when it unwound the trader’s mammoth positions in the midst of the financial crisis. A new civil trial will take place before the Versailles Appeals Court to decide on eventual damages. ($1 = 0.7188 Euros) (Reporting by Chine Labbe; Writing by Lionel Laurent; Editing by Andrew Callus)

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