Artemis Cleared In Calif.'s $4B Executive Life Fraud Suit

Law360, Los Angeles (October 29, 2012, 6:36 PM EDT) -- A federal jury on Monday decided in favor of Artemis SA in the California insurance commissioner’s $4.33 billion suit over a conspiracy to fraudulently obtain the assets of failed insurance company Executive Life Insurance Co., finding French magnate Francios Pinault’s holding company not liable for damages.

On their third day of deliberations, an eight-juror panel unanimously held that the state’s former insurance commissioner had not proved he would have struck a more profitable deal to sell off the insurance business and junk-bond portfolio of defunct Executive...
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