Société Générale Kerviel's lawyer called for his client to be acquitted. The ruling was announced on October 5, 2010, at 11 am. Jérôme Kerviel was found guilty of the three charges filed against him: breach of trust, fraudulent inputting of data into an IT system and forgery and use of forged documents. He was found to be solely responsible for the record loss suffered by Société Générale in early 2008, and was sentenced to five years in prison, with two of those years suspended, and ordered to pay damages of 4.9 billion euros to the Bank. Jérôme Kerviel immediately launched an appeal
2012 JPMorgan Chase trading loss the second quarter and subsequent recalculation of a loss of $1.4 billion for the first quarter. A spokesman for the firm claimed that projected total losses could be more than $7 billion. The disclosure, which resulted in headlines in the media, did not disclose the exact nature of the trading involved, which remained in progress as of May 16, 2012 as JPMorgan's losses mounted and other traders sought to profit or avoid losses resulting from JPMorgan's positions. As of June 28, 2012, JPMorgan's positions were continuing to produce losses which could total as much as $9 billion under worst-case scenarios.