June 3, 1994 |
Credit Lyonnais Reaffirms MGM Support: Jean Peyrelevade, who became chairman of the French bank late last year, said after a visit to the Santa Monica studio that the bank is committed to its current plan of rebuilding MGM before selling it. Banking laws require Credit Lyonnais to sell the studio, which it acquired after former owner Giancarlo Parretti defaulted on loans, by 1997.
November 27, 2003 |
Negotiations to resolve the fate of two top French executives -- the only obstacle to settling a probe of failed California insurer Executive Life -- have been put off until Monday, sources said. France and the United States then will resume meeting to settle U.S. charges that French bank Credit Lyonnais illegally bought assets from Executive Life in 1991. Banks were barred from owning insurers under U.S. law at the time.
February 21, 2004 |
The former head of French bank Credit Lyonnais appealed sanctions imposed by the U.S. Federal Reserve for allegedly covering up the bank's illegal buyout of insolvent Los Angeles-based insurer Executive Life, the French newspaper Le Figaro reported. Jean Peyrelevade, who served as Credit Lyonnais chairman from 1993 until last year, was fined $500,000 and banned from traveling to the United States for three years for failing to alert authorities to the 1991 acquisition. U.S.
November 25, 2003 |
The United States has approved a deal with France to settle a long-running probe into failed insurer Executive Life and is waiting for the French government to do the same, a spokesman for the U.S. attorney's office in Los Angeles said Monday. France had until Monday to settle accusations by U.S. prosecutors that Credit Lyonnais and other defendants illegally bought assets including a valuable junk bond portfolio from Executive Life in 1991, short-changing policyholders. At the time, the French government owned Credit Lyonnais.
August 26, 2008 |
An appeals court Monday tossed out a $241-million award won by the state of California in a lawsuit stemming from the takeover of failed insurer Executive Life by French investors. The U.S. 9th Circuit Court of Appeals overturned the award by a lower-court judge and ordered a new trial to recalculate the damages that Artemis, one of the investors, should pay the state. The case stems from California's 1991 takeover of Executive Life Insurance Co. after it failed. The next year, the state insurance commissioner sold the company's junk-bond portfolio for $3.25 billion to an investor group that included the French bank Credit Lyonnais, which is controlled by the French government.
January 20, 2006 |
Former Credit Lyonnais Chairman Jean Peyrelevade pleaded guilty Thursday to charges stemming from the French bank's purchase of Los Angeles-based Executive Life Insurance Co. in the early 1990s. Peyrelevade, 66, entered guilty pleas in federal court in Los Angeles to two felony counts of causing Credit Lyonnais to make false statements to the Federal Reserve. In a plea bargain with prosecutors, he was spared prison time.