Lyonnais Ex-Chairman Appeals Fed Sanctions
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. law at the time barred banks from controlling insurance companies.
Peyrelevade was not covered by a criminal settlement reached with U.S. federal authorities in December under which French insurer MAAF, Credit Lyonnais, the French government and retail tycoon Francois Pinault agreed to pay a total of $772 million in fines and damages.
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