IMF head Lagarde in court in fraud probe
Ethics
International Monetary Fund chief Christine Lagarde is facing questions at a special Paris court Thursday over her role in the 400 million euro ($520 million) pay-off to a controversial businessman when she was France's finance minister.
The court hearing threatens to sully the reputations of both Lagarde and France. The payment was made to well-connected entrepreneur Bernard Tapie as part of a private arbitration process to settle a dispute with state-owned bank Credit Lyonnais over the botched sale of Adidas in the 1990s. It is seen by many in France as an example of the cozy relationship between big money and big power in France.
Lagarde has earned praise for her negotiating skills as managing director of the IMF through Europe's debt crisis and is seen as a trailblazer for women leaders. Her decision to let the Adidas dispute go to private arbitration rather than be settled in the courts has drawn criticism, and French lawmakers asked magistrates to investigate.
Lagarde, smiling at reporters, left her Paris apartment Thursday morning and appeared at a special court that handles cases involving government ministers. She has denied wrongdoing.
At the time of the payment, Tapie was close to then-French President Nicolas Sarkozy, who was Lagarde's boss. Critics have said the deal was too generous to Tapie at the expense of the French state, and that the case shouldn't have gone to a private arbitration authority because it involved a state-owned bank.
Related listings
-
Japan whistleblower sidelined despite court ruling
Ethics 07/11/2012An employee at Japanese medical equipment maker Olympus said Wednesdaythat his humiliating treatment has not changed despite a Supreme Courtruling that his demotion for whistleblowing was illegal.Masaharu Hamada said he is still isolated in the offic...
-
Guilty plea in NY 'mini-al Qaida' cell case
Ethics 06/19/2012A New Yorker accused of trying to start what prosecutors called "a mini al-Qaida cell" pleaded guilty Monday to federal charges of conspiracy and providing material support to a terrorist organization. An indictment had alleged that Wesam El-Hanafi p...
-
Ex-Va attorney convicted in law firm embezzlement
Ethics 09/08/2011A former attorney has been convicted of embezzling at least $450,000 from the law firm where she worked. Henrico County Circuit Judge L.A. Harris Jr. on Friday found Kyle C. Leftwich guilty of eight counts of embezzlement in a scheme to divert funds ...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.