All o the allegations is without oundation

The erdict in the trial Trail II is expected today, the legal woes o Société Générale are not inished. In the United States, the party does same start. Coughlin, Stoia, Geller, Rudman & Robbins LLC (CSGRR), the law irm o the most seasoned o the country which has been leader in the Enron trial, iled on 17 October, the irst consolidated ersion o a collecti e complaint against the rench Bank to the Court or the southern district o New York. Collecti e action ("class action") is brought to justice by a pension und, the employees o the city o Taylor, in the State o Michigan.

The issue is size because, according to Darren Robbins, the lawyer who leads a team dedicated to 10 to 15 o his colleagues, "damages or shareholders trillions o dollars." Members o the "class action" accuse Société Générale not them ha e in ormed billions o losses related to the actions o Jérôme Ker iel but also to the in estments o the Bank in the "subprime" credit Inter iewed by "Les echos", the Soc said Gen take the matter " ery seriously". "All o the allegations is without oundation." "We will ile next week a motion or dismissal o the" class action "", says Pierre Ser an-Schreiber, counsel or the Bank.

Double ailure

The complainants are two main criticisms to the Bank. On the one hand, they say that Société Générale had discussed a irst time in March 2007, well be ore the collapse o the case, Ker iel ictitious transactions. What would in alidate the theory o the establishment as his lack o knowledge o the operations o its negotiator. On the other hand, the complaint is the act that the Bank in ested more and more in the "sub-prime".

In the all o the prices o these securities, the Bank re used to recognize endured losses. PIs, at the time o the re elation o the Ker iel case, January 24, she reportedly tried "to hide behind the Ker iel iasco and create noise in the market" also announcing that it had "a limited exposure" to "subprime". This theory is disputed in the entourage o the AM ( inancial markets authority) that the judge "pure speculation without any actual basis."

At the same time, the complainants accuse three senior o icers o the company executi e ormer CEO Daniel button become President and the two Directors General delegates still in position, Philippe cistern and Didier Alix as well as one o the ormer members o its Board o Directors, Robert Day, to be engaged in "a schema raudulent to sell the majority between 53 and 81 o the titles in their possession."", Editor's note o their shares in the Société Générale be ore the re elation o the Ker iel case Editor's note". Insider does not doubt, rom the American bar. With particular emphasis on sales o shares o Robert Day in the days preceding statements on the case o the Parisian negotiator, they seek to show that senior o icials o the Bank could in orm him o what would happen.

Sources close to the AM , we judge this concatenation with great skepticism. It was noted that Robert Day is a businessman and a ery knowledgeable inancial per ectly, which could decide to opt securities o the Bank because the General en ironment which is rapidly deteriorating. Once again, rom the point o iew o the rench, the e idence is lacking. "It is extremely complex to demonstrate an insider," is it in some circles o the M A. The authority must make in the next ew weeks the company General report.