Executive Life Settlement Talks Stalled

Negotiations between the U.S. Attorney in L.A. and representatives of Credit Lyonnais, the French government and other parties aimed at settling the criminal charges in the Executive Life case are reportedly stalled.

They were scheduled to be completed by last night, the deadline given by the AG’s office for a settlement to be reached. (See IJ Web site Nov. 24)

According to French radio and TV reports the parties are in fact near to concluding an agreement, but have reached an impasse concerning the charges against French financier François Pinault, his holding company Artemis Finance, former CL head Jean Peyrelevade and his former deputy Dominique Bazy. Prosecutors are apparently reluctant to drop charges against them as part of any settlement.

The failure to include them, and several others, as part of a settlement agreement reached last September led the French government to reject that accord. It has maintained that they must be included.

Officials have not indicated how long they might be willing to continue the negotiations.