Rogue trader damages slashed to 1 million euros

FILE – In this file photo dated Wednesday, Jan. 20, 2016, Jerome Kerviel, arrives at the Versailles appeal court, outside Paris, fighting the award of damages. Kerviel will learn Friday Sept. 23, 2016, whether he’ll have to pay a staggering 4.9 billion euros ($5.5 billion) to the Societe Generale bank that employed him when he made huge losses through reckless operations. (AP Photo/Christophe Ena, FILE)

VERSAILLES, France (AP) — A French court has cut the civil damages owed by former trader Jerome Kerviel from 4.9 billion euros ($5.5 billion) to 1 million euros ($1.1 million).

The court in Versailles, outside Paris, ruled Friday that Kerviel was “partly responsible” for huge losses suffered in 2008 by the bank Societe Generale through his reckless financial trades.

Kerviel was sentenced to three years in prison for nearly bringing down the bank with the losses, just before the financial market meltdown in 2008.

The 39-year-old has been found guilty of forgery, breach of trust and fraudulent computer use for covering up bets worth 50 billion euros — more than the market value of the entire bank at the time.