Judge Approves Accord in Executive Life Case
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A federal judge approved an agreement by Credit Lyonnais and the French government to pay $600 million to settle a California regulators’ lawsuit over the bank’s purchase of the failed Executive Life Insurance Co.
U.S. District Judge A. Howard Matz approved the settlement at a hearing in Los Angeles, lawyers said. The settlement resolves a lawsuit over Credit Lyonnais’ acquisition of Executive Life Insurance more than 10 years ago.
The settlement leaves Artemis as one of two remaining defendants in the case.
The lawsuit seeks about $1 billion from Artemis at trial, which continues with jury selection today.
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