February 17, 2010 / 12:29 PM / 9 years ago

TCW founder Day quits Societe Generale board

PARIS, Feb 17 (Reuters) - Robert Day, the American billionaire who sold large volumes of Societe Generale (SOGN.PA) shares shortly before it revealed a rogue trading scandal two years ago, has quit the French bank’s board of directors. Day, who founded asset management company TCW and then sold it to SocGen, is the subject of a class-action lawsuit in the U.S. over alleged insider trading of the SocGen shares.

In January 2008, SocGen unveiled 4.9 billion euros ($6.69 billion) of losses which it said were caused by junior trader Jerome Kerviel’s unauthorised deals.

Day is also being investigated by French financial markets watchdog the AMF. Day has denied any wrongdoing.

“We confirm his resignation, effective 31 December (2009),” said the spokeswoman, confirming an earlier report in French newspaper Les Echos. She said Day had left the group “for personal reasons”. ($1=.7326 Euro) (Reporting by Julien Ponthus; Writing by Helen Massy-Beresford, editing by Will Waterman)

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