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France, US settle over rule breaches

13 April 2012

THE former chairman of Credit Lyonnais, Jean Peyrelevade, and his deputy Dominique Blazy, were today excluded from a $770m (£430m) settlement between the French government and the US federal prosecutor in California of the Executive Life insurance scandal.

The French government agreed the deal for US securities rules breaches when the former State bank bought Executive Life a decade ago.

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