An association of shareholders and former employees has initiated legal action against the French bank for its handling of the recent fraud scandal
An association of shareholders and former employees of Société Générale has initiated legal action against the bank for its handling of the rogue trader scandal.
In a statement issued on Tuesday, the board of directors of ASSACT SG revealed that it had instructed a lawyer, Johann Lissowski, to file a complaint citing that SocGen employees had been financially impacted by the incident.
“In a statement issued on Tuesday, the board of directors of ASSACT SG revealed that it had instructed a lawyer, Johann Lissowski, to file a complaint citing that SocGen employees had been financially impacted by the incident.
On January 24, the French bank uncovered a massive 4.9bn Euro fraud relating to the activities of a single rogue futures trader.
The fraudster, who was responsible for ‘plain vanilla’ hedges on European equity market indexes, had taken massive fraudulent directional positions based on his knowledge of the banks inner workings.
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