International Monetary Fund Director Christine Lagarde has been placed under formal investigation for her role in a case from 2008, when she was France's finance minister.
Lagarde was placed under formal investigation for "negligence" for allowing arbitration to settle a dispute between the former state-owned bank Credit Lyonnais and businessman Bernard Tapie. A formal investigation does not automatically lead to trial.
She says she does not intend to step down from her IMF job, and will convene a meeting of the IMF board to explain the situation to her colleagues.
Tapie, a supporter of then-President Nicolas Sarkozy, sued Credit Lyonnais over its handling of the sale of the sporting goods company Adidas, in which he was the majority shareholder, in 1993.
He alleged the bank had defrauded him by deliberately undervaluing the company.
IMF's Christine Lagarde investigated in French fraud case
After the Israeli military announced that a multi-story residential tower in Gaza was about to be...
NATO is "at war with Russia" over Ukraine, the spokesman for Russian President Vladimir President has...
An emergency meeting of Arab and Islamic states is taking place in Qatar in response to...
Trump said he ordered the strike, and that no U.S. forces were harmed. Those targeted were...
