Artemis Owes $4B For Executive Life Fraud, Calif. Jury Told

Law360, Los Angeles (October 25, 2012, 9:51 PM EDT) -- California’s insurance commissioner urged a federal jury Thursday to force French magnate Francois Pinault’s holding company Artemis S.A. to pay $4.33 billion in a long-running suit alleging a conspiracy to fraudulently obtain the assets of failed insurance company Executive Life Insurance Co.

In closing arguments Thursday, attorney Arthur Shartsis told jurors in a Los Angeles federal courtroom that in 1991, the state’s then-insurance commissioner John Garamendi would have struck a more profitable deal to sell off the insurance business and junk-bond portfolio of defunct Executive Life...
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