Damages owed by rogue trader Jerome Kerviel slashed to €1m

French rogue trader Jerome Kerviel will not have to pay €4.9bn in damages to the bank that used to employ him, but a more manageable €1m, a court has ruled.

The court said Kerviel was "partly responsible" for huge losses suffered in 2008 by Societe Generale through his reckless financial trades, but it also ruled that "deficiencies" in the bank's management, controls and security systems contributed to the size of the losses, which Kerviel would have had no realistic way of reimbursing.