Jérôme Kerviel, the rogue trader alleged to have lost Societe Generale 5 billion euros ($7 billion), has launched court proceedings to contest his dismissal for gross misconduct, according to a U.K. media report.

The Times of London reported Kerviel will argue his dismissal is unlawful because the bank failed to prove his conduct was improper.

Kerviel is also to argue his market positions were in positive territory at the time his bosses stepped in and that the bank failed to hold a face-to-face meeting with him at the time of his dismissal, as required under French law.

United kingdom Investment