Jerome Kerviel, the former Societe Generale bank trader who lost 4.9 billion euros ($6.1 billion) in 2008 has begun his appeal against a forgery and breach of trust conviction. Kerviel claims his bosses knew about his 50-billion-euro trading position, but did not mind while he was making a profit. “I am not responsible for this loss and the acts I am accused of,” Kerviel said. “I always acted with the knowledge of my hierarchy.” Kerviel was ordered to repay the 4.9 billion euros , but the bank said it would not demand that all the money be returned. Societe Generale was fined 4 million euros by French regulators for failing in its internal risk management systems following the loss. The appeal is expected to last the month.
The groups are working to get the Secure Act out of neutral.
The companies say a distributed ledger system could be useful in reinsurance.
The publicly traded China Oceanwide unit says it needed cash partly because of the state of the economy.
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