Credit Lyonnais Chairman to Resign
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The chairman of French bank Credit Lyonnais said he would resign when a settlement resolves an investigation of the bank’s role in the takeover of a California life insurance company a decade ago.
Jean Peyrelevade said he expected a settlement in the Executive Life Insurance Co. case in coming weeks.
Peyrelevade, 63, has headed the company since 1993. The company said it had not decided on who will replace him.
Last week, France and Credit Lyonnais agreed to pay a $600-million fine to settle the long-running Executive Life case in California.
The deal must be approved by a judge.
From Associated Press
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