Clients accuse Societe General of an insider trade
Early this week new details in the case of Societe Generale became known. Thus, about 100 of its shareholders have sued the management of the bank for an insider trade. According to lawyer Frederik-Karel Kanoi, they sue Robert Day, American financier, member of the bank’s board of directors. On January 9, 2008, Day sold his shares of Societe Generale to the sum of 85.7 million euros. The lawyer insists that, at the time of the transaction the top-manager knew about the fraud.