A French appeals court has cut the amount of damages owed by trader Jerome Kerviel to his former employer Societe Generale to a million euros.<br /><br /> He had initially been told to repay the entire losses of 4.9 billion euros incurred through his dealings, but that has been overturned by subsequent rulings.<br /><br /> The court in Versailles said he was “partially responsible” for the bank’s losses suffered through Kerviel’s reckless trades in 2008. <br /><br /> But it also found Societe Generale had shown “deficiencies” in its oversight.<br /><br /> The decision is being seen as a sign that the bank’s lack of controls are increasingly held up as a major factor.<br /><br /> The trader says the decision is a sign of progress that gives him “enormous hope” and the energy to continue his fight.<br /><br /> The 39-year-old was originally sentenced to three years in prison for fraud, breach of trust and forgery – a decision upheld in 2014.<br /><br /> In a separate civil case this year Kerviel won a claim for unfair dismissal against the bank.<br /><br /> [Vidéo] #Kerviel “fonde énormément d'espoir sur la décision de la cour d'appel de #Versailles“ 20Minutes le suit toute la journée... pic.twitter.com/IzYQfoIHuY— Vincent Vantighem (vvantighem) September 23, 2016<br />
