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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.