French Police Raid Home of IMF Chief Lagarde

Police in France have made a search in the French home of IMF managing director Christine Lagarde Wednesday.

The raid is in connection of proceedings against Lagarde in France that started in the summer of 2011 regarding her role in a controversial out-of-court settlement.

After 1993, controversial French businessman Bernard Tapie sued then state-owned bank Credit Lyonnais for allegedly misleading him in a major financial transaction involving the sale of significant interests in Adidas.

In 2007, Lagarde, then France's Minister of Finance, offered an out-of-court arbitration of the case.

The arbitration judges awarded Tapie indemnities amounting to EUR 285 M, which incensed large parts of the French public.

Bernard Tapie is known to be an ally to former French President Nicolas Sarkozy, who chaired the rightist Union for a Popular Movement party, of which Lagarde is part.

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