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French rogue trader Jerome Kerviel has been ordered to repay €1m to ex-employer Societe Generale.
However, the sum represents a tiny fraction of the €4.9bn (£4.2bn; $5.5bn) he was ordered to pay back in an earlier court ruling.
In 2010 Kerviel was sentenced to three years in prison for fraud, breach of trust and forgery over massive losses resulting from his trades.
However he says that his superiors at the French bank knew what he was doing.
“That the sum has now been reduced to just €1m is a sign of how the view of the French courts towards the affair has evolved over the years,” said Hugh Schofield, BBC Paris correspondent.
“There is now an acknowledgement – more or less explicit – that the bank Societe Generale was also responsible for the losses incurred by its former trader, because of its lack of effective controls,” he added.
BBC
