Last Deadline for Executive Life Settlement Looms

December 1, 2003

Although last Monday’s deadline has passed, negotiations between the U.S. Attorney’s office in LA and Credit Lyonnais, the French government and various other parties continue in their efforts to reach a settlement agreement of criminal charges involving the 1991 takeover of Executive Life.

According to a report from Agence France Presse, the talks were suspended over the Thanksgiving holidays, and are scheduled to resume today. The AG’s office has taken the position that an agreement must be reached by this evening, or they will proceed with the criminal case.

Although many issues have been resolved, the major stumbling block continues to be the demand by the French government that billionaire businessman Francois Pinault and his holding company Artemis S.A., along with ex-Credit Lyonnais head Jean Peyrelevade, be included in any settlement. Paris rejected an earlier agreement, as they had been excluded along with several other French citizens.

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