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December 11, 2003
France Settles Executive Life Claims - Again

France has agreed in principle to yet another settlement in the Executive Life criminal lawsuit, one sore point among many between France and the US:

Negotiators from France and the United States have reached a $760 million settlement in principle with United States prosecutors over charges related to the failed California insurer Executive Life, French officials and lawyers involved in the negotiations said today. The settlement, which both sides hope to complete by Monday, involves both a federal criminal investigation as well as a civil lawsuit filed by the California insurance commissioner, who is seeking damages to compensate policyholders of Executive Life.

As I posted earlier on this topic, I lost a small sum of money in the Executive Life collapse. At the time, Honeywell (my employer) had invested a significant amount of its retirement and 401k accounts in this company, and when it went under, we all felt the pinch. As I recall, it resulted in changes to Honeywell's investment strategies, both in direction and personnel involved.

The blog Risk posts on this topic today, giving more background on the case and an explanation of the potential impact of a settlement for its victims and the players in the scandal. (It also links back to my original post.) I may be seeing a small amount of money -- very small -- if this settlement is secured.

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Posted by Ed Morrissey at December 11, 2003 2:52 PM

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