The French government and the American courts have finally reached an agreement concerning the Executive Life affair. With a court settlement of 770 million USD the French will not undergo trial and the Crédit Lyonnais will not lose its operating license in the United States. The settlement excludes Jean Peyrelevade, the resigning chair of the Crédit Lyonnais. The bank and François Pinault still remain subject to legal pursuits, however.
For recall, by buying Executive Life in 1991, a company in difficulty through its affiliate Altus, the Crédit Lyonnais was accused to have deceived the American justice, which at the time prohibited to work concurrently in the bank and insurance trades. The holding company of François Pinault had purchased Executive Life "junk bonds" from the Crédit Lyonnais in 1992 at an advantageous price, and bought the whole company 3 years later.